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- Algorand price broke a key demand area despite a minor correction.
- At that point, ALGO was reaching to hit the lower band of the Bollinger Bands indicator.
- The market capitalization has fallen by 7.20 percent to $1.63 billion in the last 24 hours.
Algorand is serving its bearish trend which has been happening since the beginning of November. Market Leader – Bitcoin again hits its two-year low while FTX crashes. This sharp drop marked a significant drop in most cryptocurrencies. Last week, buyers barely defended themselves against price declines, but they failed to sustain the cryptocurrency’s recovery.
As of last week, the Algorand crypto was consolidating under a broad horizontal range of $0.28 to $0.40 in support of resistance. But Algorand price broke below this wide horizontal range as BTC moved lower again. Later, the support area turned into resistance and the buyers may struggle at this level.
Against the USDT pair the ALGO crypto is trading at $0.2299 mark at the time of writing. Now bulls have to push asset price above $0.30 ground level for sustainable price momentum. Thus, Market capitalization is down 7.20% in the last 24 hours at $1.63 billion. Bears are aggressively selling the ALGO crypto, resulting in, price is drawing third bearish candle in the last five trading sessions. In addition, Trading volume increased 28% overnight.
Over the daily price chart, the Algorand coin against the USDT pair is reaching the lower band of the Bollinger Band indicator. At this price point, buyers may see price recovery. Stoch RSI is lifting its both moving lines higher from the oversold zone, which shows little recovery in ALGO price. In contrast, MACD constantly decreases down into the negative region.
Conclusion
The Algorand coin is decreasing down below the key demand zone and still selling is occuring in altcoin. Now the $0.20 level seems to be the next resistance level and bulls need to sustain prices above it.
Support level – $0.20
Resistance level – $0.30 and $0.40
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
