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- 1 Algorand price prediction (BITSTAMP: ALGO) shows that the price is in the consolidation phase and facing rejection upwards.
- 2 The Algorand Coin price is decreased by 5.27% over the past week.
- 3 At press time, Algorand is trading at $0.10824, and the 52-week price range is $0.098 – $0.452.
Algorand coin is a blockchain that operates on the first layer and uses pure proof-of-stake to ensure speed, safety, and fairness. Its token, ALGO, is used to verify the network, cover fees, and join in governance.
Algorand (ALGO) has a fully diluted valuation (FDV) of $1,086,023,148. This is a hypothetical representation of the maximum market cap, assuming all 10 Billion ALGO tokens are circulating today. However, the emission schedule of ALGO tokens may vary and it could take several years before FDV is achieved. This data is based on Coingecko, a website that provides crypto data and information.
Algorand crypto plummeted 2.57% in market value and surged by 4.78% in trading volume in the last 24 hours, per Coinmarketcap. Its market value is $849,060,538, and its trading volume is $34,914,565. There are 7,799,683,220 ALGO in circulation.
Algorand Coin’s (ZEC) open interest is $30.75 Million. As per Coinglass, another crypto analysis website, it fell by 3.23% in the previous session. The long versus short ratio for 24 hours is 0.938. The total number of short positions added in the last 24 hours is $346.98 against longs of $10K.
Moreover, the Algorand Coin has not shown good performance this month, as it is down by 12.41% and by 57.18% in the past six months. Also, the year-to-date return of ZEC price is negative, with a decline of 36.67%.
Algorand Price Technical Analysis in 1-D Timeframe
Algorand (BITSTAMP: ALGO) is on a downward trend based on the price action after losing a key support level of $0.28. The ALGO price attempted to recover, but the support level became a resistance level, and the price was rejected from it.
Currently, the ALGO price is falling by creating a wave of lower highs and lower lows and reaching a new all-time low of $0.098. From this low point, some buyers tried to take control, but they could not push the price above the previous high point or swing, and the sellers resumed their pressure on the ALGO price.
However, if the price succeeds in holding the CMP level, it may rise and reach the resistance levels of $0.240 and $0.298. Alternatively, if the price fails to hold the CMP level, it may continue to fall and reach the support level of $0.098 (A-T-L).
At the time of publishing, the ALGO coin price (BITSTAMP: ALGO) is trading below the 50 and 200-day EMAs (exponential moving averages), rejecting the price trend. Hence, the ALGO coin is expected to move downwards, giving bearish views over the daily time frame chart in the ALGO Coin price.
The MACD line at 0.00278 and the signal line at 0.00273 is below the zero line and gave a bearish crossover, suggesting bearish signals. The current value of RSI is 40.53 points and the 14 SMA is below the median line at 45.09 points which indicates a downward direction and bearish sentiment in the ALGO Coin Price.
Extraction
Algorand price prediction shows the negative outlook and expectations of investors and traders regarding the Algorand coin price in the 1-D time frame. The Algorand price action indicates a bearish scenario at the time of writing. Furthermore, the technical factors of the Algorand price imply the persistence of the downtrend on the daily time frame chart. Major reliable indicators MACD, RSI, and EMA, display negative signs about the Algorand coin price.
Technical Levels:
- Resistance levels: The nearest resistance levels are $0.240 and $0.298.
- Support levels: The nearest Support levels are $0.098 A-T-L.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency 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.
