Algorand price analysis: ALGO declines below $1.70, more decline ahead?

Algorand price analysis ALGO declines below more decline ahead

TL;DR Breakdown

  • The Algorand price analysis is bearish today.
  • Strong support for ALGO is present at $1.45.
  • The nearest resistance is found at $1.72.

The Algorand price analysis is bearish today as a steep decline in price has been observed. The cryptocurrency was rejected from further upside earlier today at $1.70 as the most recent price trend line is downwards after the price peaked at $1.97 on 1st December. The price came down to $1.64 on 4th December, and the coin entered consolidation from thereon. But today, bears have made another strike of a greater impact, pulling the price down to $1.60, two months low.

ALGO/USD 1-day price chart: Bulls looking for support

The bearish momentum has been intensifying, according to the one-day Algorand price analysis. The price has been downgraded to $1.60 till the time of writing as a result of the constant downflow. The trend has been downwards for the past few days, which has cast quite negative results for the cryptocurrency. Similar trends have been reported during the last 24-hours as well.

Algorand price analysis: ALGO declines below $1.70, more decline ahead? 1
ALGO/USD 1-day price chart. Source: Tradingview

The volatility is mild for ALGO/USD as the Bollinger bands show a narrow channel for the price function to follow, with the upper band at $1.93 and the lower band at $1.57 representing support for the coin if the downtrend continues. The mean average of the indicator at $1.75 represents resistance for the coin. The Relative Strength Index (RSI) score has been lowered to index 41 as well as the selling pressure is high in the market.

Algorand price analysis: Recent developments and further technical indications

The 4-hours Algorand price analysis is showing signs of bearish momentum as the price decreased quite significantly. The price breakdown was downwards today, but bulls tried to lift the price in between but were not successful enough, and bears plunged the price down again as the cryptocurrency is showing a downward tendency. However, some bullish efforts have emerged just lately as a green candlestick is forming on the chart.

Algorand price analysis: ALGO declines below $1.70, more decline ahead? 2
ALGO/USD 4-hours price chart. Source: Tradingview

The moving average indicator is showing its value at $1.64 at the time of writing. The volatility is high on the 4-hour chart because of the bearish slope, and the Bollinger bands are expanded. The upper limit of the indicator is present at $1.82, the lower limit is at $1.58, representing support for ALGO, while the mean average of the volatility indicator is being maintained at $1.69. The RSI is hovering in the lower half of the neutral zone at index 40 as some bullish efforts have emerged.

Algorand price analysis: Conclusion

The one-day, as well as the four hours Algorand price analysis, is predicting that a downtrend has been following since the past few days. The bears are leading the game at the moment, and the price levels have been brought down to $1.60. This is also a support level established on 29th September. If the support persists, then a limited recovery can be expected. On the flip side, if the support falters, then a further downfall can be expected towards the $1.45 range, but as the price has been persistently moving down, which means that chances of improvement are still on the limited side.

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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