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- 1 Algorand’s price currently trades at $0.1117 while witnessing a loss of 1.33% during the intraday session.
- 2 The algo price has jumped above 20-day exponential moving average.
- 3 The year-to-date return of Algorand is -35.25% while one month return is 1.09%.
Algo price has been bullish for the past 4 days, rising from the low of $0.1050 and breaking above the bearish trend line. The cryptocurrency price has successfully broken above the bearish trend line and closed above it. This breakout holds great significance among technical analysts, which indicates a strengthening of bullish momentum.
The gains algorand made during mid-June due to BlackRock, filing for the Bitcoin Spot Exchange Traded Fund have been lost as the price faced strong rejection near $0.14. Since then, the price has entered a downtrend and started to form lower lows.
The previous candle closed bullish, but it faced strong rejection at $0.1191 and left a long wick to the upside. This indicates a strong presence of bears near $0.12. The current candle is bearish, has broken the low of the previous candle, and will soon fall below the 20-day EMA if bearish sentiment rises.
If the current candle closes bearish and the next candle can break low, the price might head down toward the recent support level of $0.1050.
Network Activity Of Algorand
Since the end of February, the total value locked in Algorand has declined significantly, from $200 Million (on February 23) to $50.51 Million as of today. The 24-hour active users have reached 50,123.
If bears take control and push price below $0.1050, Algo price might melt toward $0.09 and fill the lower wick of 10 June candle. The market capitalization of Algorand is down by 1.37% to $871,560,140. The 24 hour trading volume is up by 63.57%.
Will the Algo Price Sustain Bullish Momentum?
The cryptocurrency price has jumped above the 20-day exponential moving average, indicating a rise in bullish momentum. However, the current candle is bearish and might soon melt below the EMA.
The previous candle faced strong rejection near $0.12, which induced bearish sentiment in the price. The Algo price is currently hovering near the major psychological level of $0.10, and if it breaks, the meltdown might push the price to $0.09.
Chaikin money flow score has climbed above the 0 mark and currently trades at 0.07, suggesting slight strength in the market. The relative strength index climbed above the 50 neutral zone but again dropped below it.
The RSI currently trades at 49.56, indicating slight pressure from the selling side. The long/short ratio is 0.91, with 47.79% longs and 52.21% shorts, indicating seller dominance in the last 24 hours.
Conclusion
Technical indicators suggest that sellers have started to enter the market and that the price might melt toward the $0.1050 level. Bulls need to protect $0.1050 to protect the price from further downfall.
Technical levels
Major support: $0.1050 and $0.0900
Major resistance: $0.1230 and $0.1290
Disclaimer
The views and opinions stated by the author, or any other person named in this article, are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
