Algorand Price Analysis: ALGO/USD is bearish for the next 24 hours

Algorand price analysis

TL;DR Breakdown

  • Algorand price analysis is bearish today
  • Algorand is currently trading at $1.73
  • Support is still secure at $1.71.

The bears are currently in control of the price chart for the day, and the asset’s value has been significantly diminished. For the past two weeks, a bearish wave has continued to grow, and the price has been steadily decreasing. In the last 24 hours, the price dropped even further due to an expanding bear market. The current price is $1.73, with another decline expected if bulls do not manage to settle the price above $1.75 and establish a potential support level around $1.71, where it is now.

The day’s trading is done, and the market has shown no signs of recovery yet, which indicates that Alogrand price will most likely continue its downward trend for the rest of the day as well. The next level of support is expected to be found at $1.68, after which the best-case scenario would be reaching $1.65 before bulls intensify their efforts into reversing this bearish trend towards growth once more.

ALGO/USD price movement in the last 24 hours: Further downflow expected as bearish trend intensifies

The one-day Algorand price analysis has shown a rise in bearish momentum during the day. The bears have held their advantage effectively, with the price plummeting to frightening levels. Today, the price dropped all the way down to $1.728, and a further downturn in ALGO/USD value is expected. Furthermore, the cryptocurrency’s moving average (MA) value is relatively high, at $1.974.

The price advancement indicates that a further decline is anticipated in the coming week. Furthermore, the upper Bollinger band, at $2.11, is visible compared to the lower Bollinger band, at $1.7e. The Relative Strength Index (RSI) has been lowered to 41.61.

Algorand four-hour price chart: Bullish trends

The price of Algorand has bounced back in the previous hours, prompting a bullish comeback. As a result of the bullish resurgence, the price has climbed to $1.73 height. The value has been depreciating for several hours, but the last four hours have shown promise. Even if it is not lower than its moving average value of $1.84 yet, it is currently considerably lower than earlier this year when bitcoin started to rise quickly and break records left and right.

Algorand Price Analysis: ALGO/USD is bearish for the next 24 hours 1
ALGO/USD 4-hours price chart. Source: TradingView

The SMA 50 curve is still higher than the SMA 20 curve because of the prior downswing. On the other hand, Volatility has altered the upper Bollinger band price to $2.17 and the lower Bollinger band price to $1.705, despite remaining above the SMA 50 curve. The RSI score fell below 30, indicating an underbought condition due to the persistent bearish trend, putting it at 29.15.

Algorand Price Analysis: Conclusion

In the last 24 hours, the coin’s value has dropped by a considerable amount. The bears have been in command for the past two weeks, and today they’ve returned to their old habits. As a result of bearish pressure, the price has fallen to $1.73, and there is likely more drop ahead.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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