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Algorand price analysis: Price slumps down to $1.73 as bearish trend continues

Algorand price analysis Price slumps down to as bearish trend continues

TL;DR Breakdown

  • Price has dropped down to $1.73.
  • Algorand price analysis favors bears.
  • Support is still secure at $1.71.

The Algorand price analysis reveals the bears are leading the price chart for the day, and the cryptocurrency value has been drastically reduced. The bearish wave has been ongoing for the past two weeks, and the price has been constantly declining. The price has undergone devaluation in the last 24-hours as well because the bearish trend is getting stronger. The price is now at $1.73 and a further decrease can be expected if the bears continue to lead in the future.

ALGO/USD 1-day price chart: Further downflow expected as bearish trend intensifies

The one-day Algorand price analysis is dictating a rise in the bearish momentum during the day. The price has dropped down to alarming levels as the bears have been maintaining their lead quite efficiently. The price has declined up to the $1.728 mark today, and a further downfall in ALGO/USD value can be highly expected. Furthermore, the moving average (MA) value for the cryptocurrency is relatively high i.e., $1.974.

Algorand price analysis: Price slumps down to $1.73 as bearish trend continues 1
ALGO/USD 1-day price chart. Source: TradingView

The increase in volatility suggests that further decreasing trends should be expected in the coming week. Moreover, the upper Bollinger band is present at $2.11 point whereas the lower Bollinger band is present at $1.71 point. The Relative Strength Index (RSI) score has been lowered to 41.61.

Algorand price analysis: Bullish comeback improves ALGO/USD value to $1.73

The four hours Algorand price analysis is displaying a bullish comeback as the price has bounced back in the previous hours. The price has moved up to $1.73 height as a result of the bullish recovery. The price has been experiencing a downfall for the past few hours, but the last four hours proved positive. The price is still relatively lower than its moving average value i.e., $1.84, and more effort from the buyers’ side is required.

Algorand price analysis: Price slumps down to $1.73 as bearish trend continues 2
ALGO/USD 4-hours price chart. Source: TradingView

The SMA 50 curve is still above the SMA 20 curve because of the earlier downswing. The increase in volatility, however, has changed the upper Bollinger band value to $2.17 and the lower Bollinger band value to $1.705. The RSI score is now below the underbought limit because of the constant bearish trend and is at 29.15.

Algorand price analysis: Price slumps down to $1.73 as bearish trend continues 3
ALGO/USD technical indicators chart. Source: TradingView

The technical indicators chart for ALGO/USD is showing a selling trend, as the price has been following a declining movement for the past few weeks. There are 12 indicators on the selling level, ten indicators are on the neutral level while only four indicators are on the buying level.

The Moving Averages Indicator is giving out a selling signal as well because of the bearish trends. There are ten indicators occupying the selling position; four indicators are on the buying position, while only one is on the neutral position. The Oscillators support the bears with nine indicators on the neutral level, two indicators on the selling level, and zero indicators on buying level.

Algorand price analysis conclusion

A substantial amount of decline in the coin value has been observed in the last 24-hours. The bears have been at the leading position for the past two weeks, and today a downward movement has been detected once again. The price has decreased up to the $1.73 mark as a result of the bearish pressure, and further drop is predictable.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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