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Algorand price analysis: ALGO/USD set to break below the daily support found at $0.90

Algorand price analysis ALGO gains percent as price inflates to

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

Algorand is a distributed ledger technology that offers secure and fast transactions. The Algorand price has been on a downtrend over the past few months, with prices dipping below the $1 mark. ALGO prices have sought support at $0.9039 and have declined by 1.03 percent over the

Algorand (ALGO) is a distributed ledger technology that offers secure and fast transactions. The Algorand price has been on a downtrend over the past few months, with prices dipping below the $1 mark. ALGO prices have sought support at $0.9039 and have declined by 1.03 percent over the past 24 hours. The downtrend is likely to continue in the near future, with prices expected to dip further below $0.90.

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

The Algorand price is in a downtrend on both the 1-day and 1-hour price charts. ALGO prices have consolidated near the $0.9441 mark and are preparing for a bullish reversal. A breakout above the $0.9441 resistance could indicate a bullish reversal and could lead to a rally in ALGO prices. The key resistance levels to watch out for are $0.9812 and $1.0650.Algorand price analysis: ALGO corrects to $0.9441, a downside to follow? 2ALGO/USD 1-day price chart, source: TradingView

The 1-day price chart shows a strong sell-off, with the RSI at 33 and the MACD showing a negative crossover. The MACD is displaying a negative crossover, indicating more losses in prices. The Stochastic RSI is also in oversold territory, which may signal a reversal soon. Furthermore, all of the EMAs are sloping downwards, indicating that the sell-off is likely to continue in the near future.

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

The bulls are in control, and they must break past the $0.9641 and $0.9800 resistance levels for a reversal to occur. The Algorand price chart on the 4-hour time frame shows that the market is currently in a sideways trend. Between the $0.9641 and $0.9083 support levels, the bulls are in control and must break past the $0.9641 and $0.9800 resistance levels for a reversal to occur. If the bears manage to break below the $0.9083 support level, then prices could decline further to the next support level at $0.8500.

Algorand price analysis: ALGO corrects to $0.9441, a downside to follow? 3

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

Algorand price analysis: conclusion

The mood in the Algorand market is bearish, with prices expected to test the $0.8950 support level in the near future. Bulls need to clear $0.9641 and $0.9800 to begin a reversal. The key support level at $0.8950 is being eyed by bears as a potential downtrend likely to continue in near future, with prices dipping below $0.90.

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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