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- 1 Algorand’s price took resistance and decreased by 3.66% over the last week.
- 2 The price of the Algorand is trading at $0.09123 and the 52-week range is between $0.08202 – $0.29788.
Algorand is a blockchain-based network that is decentralized and self-sustaining. It can support many applications that need security, scalability, and efficiency. These are all essential features for effective real-world applications. Algorand will enable computations that have reliable performance guarantees to create new forms of trust.
Fahrenheit, the crypto consortium, has control of Celsius, and it has suggested a new board of directors, which includes Steve Kokinos, the former Algorand CEO. A court document says that Fahrenheit and the Celsius creditors’ committee have proposed seven new directors. The crypto consortium chose two members by itself, while the creditors chose three members by themselves. Fahrenheit and the creditors’ committee agreed on the other two members. Kokinos is well-known to the crypto community for his past role as the CEO of the Algorand blockchain.
Algorand rose by 0.39% in market value and fell by 9.82% in trading volume in the last 24 hours, as per CoinMarketCap, which is a crypto data and information website. Its market value is $713,536,058 and its trading volume is $17,004,294. There are 7,829,246,295 ALGO in circulation.
Technical Analysis of ALGO in 1-D TimeFrame
The Algorand price has been showing a bearish trend for the last three months, dropping by 18.67% in this time frame. The price has been making lower highs and lows, indicating a lack of buying pressure.
Currently, the Algorand price is trading at $0.09123 and facing resistance from a downward trendline that has been acting as a dynamic resistance since February 2023. The price is also below the 20 and 50-day exponential moving averages (EMAs), which are acting as additional resistance levels.
If the Algorand price can break above the downward trendline and the EMAs, then it might have a chance to recover some of its losses and reach the next resistance levels of $0.10221 and $0.11872. These levels are based on the previous swing highs and lows.
However, if the Algorand price fails to overcome the current resistance and continues to decline, then it might fall to the next support levels of $0.08831 and $0.08099.
At the time of publishing, the Algorand price (ALGO) is trading below the 20 and 50-day EMAs (exponential moving averages), which are rejecting the Algorand price trend.
The MACD line at 0.00294 and the signal line at 0.00304 are below the zero line and both lines cross each other but the gap is lean in the MACD oscillator. The current value of the RSI is at 41.26 points and the 14-day SMA is below the median line at 40.39 points. Collectively, the indicators view is consolidation to bearish.
Conclusion
The Algorand price prediction shows a neutral to bearish outlook from investors and traders in the daily time frame. ALGO price action reveals a neutral to downward trend at the time of writing. Moreover, the daily chart shows that the price might either consolidate or keep going down, according to the most trusted and widely used technical tools such as RSI, EMA, and MACD.
Technical Levels:
- Support levels: $0.08831 and $0.08099
- Resistance levels: $0.10221 and $0.11872
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.
