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- 1 ALGO price is currently being overwhelmed by the bears after crossing below the 200 EMA
- 2 ALGO price took a correction of 9%. Will the trend continue?
ALGO price has been trending on a bullish trend since early January although recently after taking resistance from the 200 EMA and making a double-top pattern
And gave a downturn of 24%. The price has taken a sudden downturn after trending on a bullish trend for the past few weeks. Although the investor’s sentiments regarding the ALGO price are bullish despite this recent bearish downturn. Algorand was founded by MIT professor Silvio Micali. The current price of ALGO is $0.228 with a change in 24-hour trading volume of -60%.
ALGO price trending on a severe downtrend
The ALGO is a self-sustaining and blockchain-based network that supports Dapps Decentralized Applications. This protocol was planned to make faster transactions and higher efficiency with lower transaction fees. Algo is based on proof of stake
(POS) blockchain protocol in which validators are known to one another and they just have to agree on the next blockchain to create one.
The overall market is currently trading neutral level at 50 points according to the greed and fear index provided by the site Alternative (dot) me site which measures the market sentiments from different sources. The bears are currently dominating the markets by a slight percentage although the bulls are trying to fight back. In the ALGO market’s ongoing price action bears are dominating the major cryptocurrency trading platform by 50 – 54%. Although the bulls are starting to support 51 – 60% on some platforms.
Technical Analysis ( On 1 Day Timeframe)
The Algo price after taking resistance from the 200 EMA has taken a downfall of 22% while the price has also broken its major support level the key averages 50 EMA and the 100 EMA. Also, the downward curve of the 20 EMA is suggesting that it might intercept the 100 EMA giving a negative crossover.
The RSI line is currently moving in a downtrend. The RSI line is trading near the supply zone around 38.38 points making a lower low and lower high while taking constant resistance from the 14 SMA which is trading around point 49.23 points.
Conclusion
The price is currently taking severe resistance from the level of $0.251 while its next resistance is around the level of $0.030 and the ALGO price’s most recent support is around the price of $0.208 and its next support is around the price of $0.190.
Technical levels –
Support – $0.208 and $0.190
Resistance – $0.251 and $0.030
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes 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.
