TL;DR Breakdown
- The price is going down as per Algorand price analysis.
- ALGO/USD value has decreased to $1.67.
- Support might go lower than $1.51.
The Algorand price analysis shows that the market is going in the favor of the bears today. The price has moved down to $1.64 during the day and further downfall is to be expected as well. This has cast quite negative impacts on the overall coin value as the buyers are hesitant to invest. The past week has proved highly detrimental for the cryptocurrency as the downtrend has been continually at its peak.
ALGO/USD 1-day price chart: Price deflates to $1.66 level after constant constriction
The one-day Algorand price analysis is going in the bearish direction as the price has moved down to $1.66 during the day. The bearish momentum has been at the lead since the past week which is why the short-term trending line is moving downwards as well.
The moving average (MA) value, on the other hand, is still at a stable position as it is standing at $1.75 at the time of writing. If MA goes below the price level it will provide some cushion to ALGO/USD price by marking a bullish cross-over, but chances are less for it as the price is on a downwards trend.
The volatility has increased which should be taken as a negative sign for the future. The Bollinger bands indicator is showing its values on the following levels; the upper value is found to be at $2.35 while the lower value is at $1.51. The Relative Strength Index (RSI) score has stepped down to 49 as well.
Algorand price analysis: Bulls initiate recovery as price bounces back to $1.66
The four hours Algorand price analysis is giving encouraging signs as the price has increased up to $1.66. The past few hours have been under strict bearish pressure, but the most recent price movement has been bullish. The bulls are trying to make a comeback after going through a series of losses. The moving average value in the four hours price chart is settled above the current price i.e. at $1.66.
The volatility is increasing which is why the Bollinger bands average is now at the $1.72 level. The upper Bollinger band value has reached the $1.84 position while the lower value is at the $1.60 position. The RSI score has undergone improvement as well because of the rise in price as it is now at 42.5.
The technical indicators chart is giving bearish signals as the price has undergone a decline during the day. There are 10 indicators in total that are standing at the selling position, while nine indicators are on the neutral level and seven are on the buying level.
The moving averages indicator is showing similar signs as eight indicators are present on the selling mark, six on the buying and one on the neutral mark. The Oscillators are going neutral because of the ongoing fluctuations in price movements. There are eight oscillators settled on the neutral position, with only two on the selling and one on the buying positions.
Algorand price analysis conclusion
From the above 1-day and 4-hours Algorand price analysis, we can infer that the general trend that has been observed during the week has been bearish. The price has followed downward movement today as well as it has moved down to $1.66 today.
Although the 4 hours price analysis is indicating signs of bullish activity, the bears have been in command for the day. The majority of technical indications are also favoring the selling of assets, so a further decline in price is also possible.
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