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- 1 Algo price break below the key moving averages showcasing the trend has turned bearish.
- 2 Algorand price is down by almost 8.47% showcasing the bears are controlling the price.
Algorand price forecast shows a downtrend in the crypto price, breaking below the key exponential moving averages, showcasing that the trend has turned bearish.
The price of ALGO increased from $0.1066 in October 2023 to $0.3299 on March 24 but has since failed to surpass the upper levels and crashed below key moving averages.
Will ALGO Crypto Price Falling Or Bounce Back?
ALGO by writer12_gsm on TradingView.com
The ALGO cryptocurrency has been experiencing bearish waves in its price for the past few sessions. It has been struggling to maintain gains and is currently heading towards a downward trend.
This month, the crypto has seen a decline of over 29.30%, further showcasing the bearish sentiment in recent sessions. Technical charts have displayed seller strength and profit-taking, while the price is below major EMA levels, indicating further weakness for the cryptocurrency.
The RSI curve is hovering near 35, which is considered an oversold zone and has a negative outlook, indicating bearish sentiment in the crypto market.
Meanwhile, the MACD indicator is forming a red band and a bearish crossover, which suggests a corrective move. Additionally, ALGO is displaying signs of weakness as it falls below the 200-day EMA, a key long-term trend indicator. The crypto is currently trading at $0.1772, showing a rise of 1.43% on the day, and has a market cap of $1.44 Billion.
The relative strength index (RSI) is also reflecting a bearish outlook, trading below the middle band and indicating an increase in selling pressure compared to buying. The RSI is currently moving at 35, which is below the 14-day SMA line. Lastly, it’s important for Algorand investors not to fall for market hype.
The crypto market often creates a sense of urgency to attract more investors and lenders, so it’s wise to stay away from it to avoid contributing to market instability.
Summary
The price of Algorand (ALGO) has dropped by almost 8.47%, indicating that the bears have taken control of the market. The crypto is expected to continue on its downtrend after breaking below the key exponential moving averages, with bears holding the upper hand. Despite going up from $0.1066 in October 2023, the crypto has failed to maintain its position and has experienced a 29.30% decline in value this month. The technical charts show the sellers’ strength and profit-taking, with the RSI curve hovering around 35, indicating bearish sentiment, and the MACD indicator forming a red band and a bearish crossover, suggesting a corrective move.
Technical Levels
Support Levels: $0.1400 and $0.1500
Resistance Levels: $0.1952 and $0.2208
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
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.
