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- 1 The ALGO is trading below the 20,50,100,200 days of the Daily Moving Average.
- 2 The current price of ALGO is $0.2168 and has dropped by 0.16% during the last intraday trading session.
- 3 The AVAX/BTC pair is around 0.0008682 BTC after a loss of 0.55% in the last 24 hours.
The sellers seem to have control over the daily price chart of the ALGO market as the coin might follow the downward trend with a steady downward momentum. The coin may lose its value if the bulls remain inactive. The price might move towards the downward curve. The bulls tried to enter trades as the bears attempted to push the coin price back into the bears’ domain, but they succeeded in thwarting the bull’s plan.
The price of the cryptocurrency may increase up to the primary support level of $0.2367 if it gains some upward momentum. The price may hit the secondary support level of $0.2900 if the bulls prevail and the bears show no signs of reversing course. However, if the present bearish pattern holds, the price may decline to the secondary support of $0.1636 or the primary support of $0.1884. The bears might gain a grip over ALGO.
The volume dropped by nearly 0.98% over the previous 24 hours. The number has been steadily decreasing, suggesting that ALGO is experiencing increased short-selling pressure. The volume-to-market cap ratio is 0.0368. The increasing volume indicates that the buyers are trying to dominate the market of ALGO. The increasing price of the ALGO might result in the movement of whales. The ALGO’s trend might get a reversal.
Exploring The Technical Analysis of ALGO
Technical indicators show that the RSI is currently in the Oversold Zone; the sellers are pushing themselves hard. The current RSI is 49.13 and the average RSI is 48.15. The ALGO is trading below the 20,50,100,200 days of the Daily Moving Average. The MACD and MACD signal intersected, giving the positive crossover.
Conclusion
The Algorand might move toward the downward curve and the coin may lose its potential. The current price of ALGO is $0.2168. It dropped by 0.16% during the last intraday trading session. The MACD and MACD signal intersected, giving the positive crossover. The volume dropped by nearly 5.29% over the previous 24 hours and the short-selling pressure also increased.
Technical Levels
Support Levels: $0.1884 and $0.1636
Resistance Levels: $0.2367 and $0.2900
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
