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- Algorand Crypto is currently trading above the 20 days EMA and is still lagging behind 50,100,200 day MAs.
- The current price of Algorand Crypto is hovering around $0.2189 with a drop of 0.79% during the last intra-day trading session.
- The pair of ALGO/BTC is currently at 0.000007735 BTC with a drop of 0.59% in the last 24 hours.
Algorand’s price is currently hovering around $0.2189 and fell by roughly 0.79% intraday. The ALGO/BTC combination is currently worth about 0.000007735 BTC and dropped by 0.59% in the last 24 hours. The bears must take action right away. The bulls tried to join trades as the bears attempted to drive the price of the coin back into the bears’ domain. They have succeeded in foiling the bull’s strategy by doing this, but they are now trying to push the market back into the bull’s area.
If the coin gains some upward momentum, the price may strengthen up to the primary resistance of $0.2368. If the bulls succeed and the bears remain inactive, then the price may reach up to the secondary resistance of $0.2858. But if the current bearish pattern continues, the price could reach the primary support of $0.1893 or fall further to the secondary support of $0.1633.
In the past 24 hours, the volume decreased by almost 37.40%. The volume has been dropping gradually, implying that ALGO is facing more short pressure. The market cap-to-volume ratio is 0.0258. The MACD and MACD signal intersected, giving the negative crossover.
The Technical Analysis of ALGO
The Relative Strength Index (RSI) returned from neutrality and read 48.42 and the average RSI is 47.49 (at press time). ALGO price is currently trading above the 20-day EMA and is still lagging behind 50,100,200 days of the Daily Moving Averages.
Conclusion
ALGO price pattern shows high volatility on the 1-day chart. Current (at the time of writing) Algo price is $0.2179. It recorded a drop of 1.63% in the last intra-day trading session. Trading volume for ALGO fell, indicating that the sellers were trying to enter the trade. The bearish dominance on Algo might bring it to its all-time low.
Technical Levels
Support Levels: $0.1893 and $0.1633
Resistance Levels: $0.2368 and $0.2858
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.