Algorand (ALGO) price slipped below the key-moving averages and declined further breaking the previous all-time low. The price made a breakdown of a 2-year low price of $0.09 and consolidated near the swing low.
The daily chart shows that the ALGO price has been in a continuous decline suffering multiple rejections from the key moving average of 200-day EMA. However, the price declined sharply after the breakdown of the $0.2 level as the chart had no major support on the lower side.
Recently, the price broke below the previous wing low and is currently consolidating near it. The price also seems to be respecting an upper trendline and suffered multiple rejections from it.
Algorand (ALGO) is a blockchain network that enables various applications with security, scalability, and efficiency. It is self-sustaining and decentralized, meaning it does not rely on any central authority or intermediary. Algorand can also support reliable performance guarantees for complex computations, creating new forms of trust in the digital world.
Algorand Price Consolidating Near An All-Time Low
The Algorand price currently trades at $0.094 with a rise of 0.94% in the past 24 hours.
The Analysts predict that the price may again hit a new low as there are no signs of recovery. The cypto is still facing selling pressure which might drag it to the lower levels.
The price trend might remain pessimistic until it remains below the trendline resistance. The breakout of the trendline may add some hope for the buyers and the crypto might experience some buying pressure.
Technical Indicators signal the continuation of the Ongoing Trend
As per the EMA analysis, the ALGO price is trading below both the 50 and 200-EMA indicating a strong downtrend prevailed in the market. The EMAs may act as a resistance if the price rises.
MACD lines have shown a bullish crossover. Also, Histogram bars are being formed above the mean line and of increasing height indicating that some buying pressure might be seen if the price breaks out.
Conclusion
Algorand price (ALGO) is a blockchain network that experienced a price drop to a 2-year low of $0.09, breaking below the previous low and the 200 EMA. The price is consolidating near the low and facing resistance from an upper trendline. The analysts expect the price to fall further as there is no sign of recovery or buying pressure. The price trend is bearish until the price breaks above the trendline.
Technical Levels
- Support levels: $0.089 and $0.075.
- Resistance levels: $0.124 and $0.139.
