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Algorand price analysis: ALGO corrects to $0.9441, a downside to follow?

Algorand price analysis

TL;DR Breakdown

  • Algorand price analysis is bearish
  • ALGO prices have sought support at $0.9039
  • Prices for ALGO/USD have declined by 1.03 percent
image
Cryptocurrencies prices heatmap,source:Coin360

Algorand price analysis over the last 24 hours has traded in a mixed reaction as the market is in search of a bottom. ALGO opened at $0.9641 and corrected to lows of $0.9441, a downside of 1.03 percent. The market has since found some form of support at the $0.9039 handle as prices trade in a sideways trend. Bears seem to be in control of the market as selling pressure increases with each corrective rally. The next key support level for ALGO/USD is at $0.8950 which could see a strong reaction from sellers should it be broken. On the upside, resistance can be found at $0.9641 and $0.9800.

Algorand price analysis indicates the prevailing price movement is bearish. The market has been in search of a bottom over the past few days with varying degrees of success. The $0.9039 handle has been identified as a key support level with a break below likely to see prices decline further. Alternatively, bulls could retake control of the market should they manage to push prices above the $0.9641 and $0.9800 resistances.

Algorand price action on a 1-day price chart: ALGO prices consolidate around $0.9441,prepares for a bullish reversal

Algorand price analysis over the last 24 hours has been in a mixed reaction as the market seeks a bottom. ALGO opened at $0.9641 and corrected to lows of $0.9441, a downside of 1.03 percent. The market has since found some form of support at the $0.9039 handle as prices trade in a sideways trend. Bears seem to be in control of the market as selling pressure increases with each corrective rally. The next key support level for ALGO/USD is at $0.8950 which could see a strong reaction from sellers should it be broken. The trading volume is seen to be increasing, which could foreshadow further downside in prices.

image
ALGO/USD 1-day price chart, source: TradingView

The technical indicators on the 1-day price chart signal a strong sell-off with the RSI currently at 33. The MACD is displaying a negative crossover and is indicative of more losses in prices. The Stochastic RSI is also in oversold territory, which could see a rebound soon. Moreover, the EMAs are all sloping downwards, signifying the sellers’ dominance in the market.

Algorand price analysis on a 4-hour price chart: The market is in a sideways trend

ALGO/USD bulls need to break above $0.9641 and $0.9800 for a reversal to take place. The Algorand price chart on the 4-hour timeframe shows that the market is in a sideways trend. Prices have been oscillating within a tight range between the $0.9641 and $0.9083 support levels. The RSI is indicating that the market is in equilibrium, while the MACD is in the process of making a bullish crossover.

The Stochastic RSI is in oversold territory and could see a rebound soon. The EMAs are all sloping upwards, which suggests that the market is currently in favor of the bulls.ALGO/USD market volatility is on the rise, as indicated by the Bollinger Bands. Moreover, the upper band of the Bollinger band is approaching the resistance level, which could see a breakout soon.

image
ALGO/USD 4-hour price chart, source: TradingView

Algorand price analysis conclusion

The overall sentiment in the Algorand market is bearish, with prices seen testing the $0.8950 support level in the near future.ALGO/USD bulls need to break above $0.9641 and $0.9800 for a reversal to take place. Bears are targeting $0.8950 as the next key support level. However, the bulls seem to have some control over the market as prices have not fallen below the $0.9083 support level. A breakout above the resistance could see prices reach $1.0000 in the short term.

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.
William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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