Home
News
- Analysts sense more losses for ALGO.
- Bears hunting near the $0.15 price zone.
- Volume is maintained around $38 million.
Algorand’s indigenous token, ALGO, hasn’t seen much development in the price action, as most assets in the crypto market were traded within a rigid frame. After losing the support level of $0.30, sellers were fortified to push prices further down. With “annus horribilis,” many crypto assets witnessed holders deserting markets and withdrawing their investments due to a lack of trust. This might adversely affect the prices of ALGO, as threatened holders might sell off and leave, draining the coin furthermore.
The Char-t-ale
The ALGO prices are forming a falling wedge, with current action taking place at the deep end. The prices are way below all the significant EMAs. If the prices fall any further, an amplified bear push can be predicted. This push might send prices diving to $0.9. The falling prices and dropping OBV support the price dump and scare the holders. If prices don’t breach the upper line of the pennant, the prices may drip further.
The ALGO down trail is supported by a falling CMF, which is moving in the negative zone and further sloping down. The MACD is seen recording neutral regimes, with lines knotting together. The RSI is moving at the floor border and goes oversold minutely. The cumulative analysis suggests that present situations aren’t very favorable for ALGO holders and might be a red flag to act upon.
4 hour POV
The smaller time frame analysis reveals that prices consolidate and bounce at $0.16. However, it breached the baseline, CMF slopes down and showed prevailing patterns. The MACD records escalating interest of sellers and constant buyers, resulting in sellers overpowering. The RSI oscillates within the lower half and remains seller-influenced.
Conclusion
The market for ALGO is gloomy and may soon witness holders quitting as they might fear the prices falling to uncontrollable levels. The support zone of $0.15 is to be kept an eye on to decide further action.
Technical levels
Support levels: $0.15 and $0.09
Resistance levels: $0.30 and $0.35
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
