Home
News
- Algorand price prediction suggests the consolidation phase of ALGO below the $0.25 the daily price chart.
- ALGO crypto has fallen below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of ALGO/BTC is at 0.00001322 BTC with an intraday drop of 3.80%.
Algorand price prediction suggests the sudden drop of ALGO crypto’s price and getting stuck inside the consolidation phase. ALGO crypto needs to reverse the current trend of the cryptocurrency. ALGO must accumulate buyers during the intraday trading session to surge back towards the distribution level. Meanwhile, ALGO investors need to wait for any directional change over the daily price chart. However, trading volume is still behind average and needs to grow for ALGO to surge with utmost energy.
Algorand currently has an estimated price of $0.221 and has lost 5.10% of its market value in the previous day. However, there were 32% more deals made during the intraday trading session. This implies that those purchasing ALGO cryptocurrency are attempting to accumulate the token quickly.
Algorand’s price has been falling through a descending channel pattern on the daily price chart. The daily ALGO chart for the cryptocurrency is a thrilling roller coaster journey. ALGO must raise the volume change, which is now below average and needs to be raised, in order to break out of the descending pattern. Meanwhile, ALGO crypto has fallen below 20, 50, 100 and 200-days Daily Moving Average.
This Technical Indicator is about to Signal something for Algorand Price!
In order for the token to enter its recovery phase, the Algorand price needs to break out of the downtrend momentum, and more buyers need to enter the market during intraday trading. Technical indicators support the token’s drop over the course of the daily price chart.
The Relative Strength Index shows the downward momentum of the ALGO coin. The oversold region of the RSI is approaching. In MACD, the ALGO’s downward trend is apparent. The MACD line is marching in the direction of the signal line for a negative crossing following a positive crossover. Investors in ALGO must keep an eye out for any noticeable momentum changes in the price movement of the token.
Conclusion
Algorand price prediction suggests the sudden drop of ALGO crypto’s price and getting stuck inside the consolidation phase. ALGO crypto needs to reverse the current trend of the cryptocurrency. ALGO must accumulate buyers during the intraday trading session to surge back towards the distribution level. ALGO must raise the volume change, which is now below average and needs to be raised, in order to break out of the descending pattern. Technical indicators support the token’s drop over the course of the daily price chart. Investors in ALGO must keep an eye out for any noticeable momentum changes in the price movement of the token.
Technical Levels
Support Levels: $0.20 and $0.18
Resistance Levels: $0.25 and $0.30
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 the 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.
