- Algorand price analysis shows a bearish market sentiment
- ALGO prices have seen support at $0.7747
- Algorand currently trades at $0.7883
Algorand opened the daily trading chart with a bearish gap. There was a slight reversal, but the market remained bearish as the bulls could not sustain the pressure, with prices in sustained decline. The coin has found support at $0.7747 and is currently trading at $0.7883. The current market trendline shows a bearish market sentiment as the prices continuously decline. The recent decline is attributed to the overall price crash over the past 24 hours.
The market sentiment for Algorand is bearish as the prices have seen a continuous decline in the past few days. The market is expected to remain bearish in the short term as prices currently trade below the moving averages. However, the trading volume has increased, with the current figure at $272,406,226.64.The prices have been moving between $0.7747 and $0.8676, while the coin ranks 30th in the overall digital assets market.
Algorand price action on a 1-day price chart: Selling pressure drives ALGO prices to lows of $ $0.7883.
Algorand’s 1-day price chart is examined to understand the market trend better. The candlesticks are trading below the moving averages, indicating significant bearish pressure on the coin and the general market. The RSI indicator is currently at level 38, which shows that there could be some buying pressure in the market as the prices approach the oversold region. The MACD indicator presently gives a bearish signal as the fast-moving line is below the slow-moving line. The histogram is also below the zero line, indicating that selling pressure is likely to continue to drive prices lower. The Bollinger Bands are contracting, indicating reduced volatility in the market as the bears take the wheel.
Algorand price analysis on a 4-hour price chart: ALGO prices continue to decline as the market sentiment is bearish
The 4-hour chart for Algorand trades below both moving averages, indicating a bearish market trend. The RSI indicator currently rests in the oversold region as it approaches level 30. The MACD line crossed the signal line to the downside, which is a bearish signal and indicates that selling pressure could continue pushing prices lower. The Fibonacci retracement levels show that the coin is currently trading at the 23.6% level, which could be a support level.
Algorand has traded in a descending trendline for most of the day as the market sentiment remains bearish. We expect the market to remain bearish in the short term as the technical indicators all give bearish signals. The market volatility has decreased, showing investors are currently waiting on the sidelines for further market direction. Currently, the Parabolic SAR indicator gives a bearish signal as the dots are above the candlesticks, indicating that selling pressure could continue pushing prices lower.
Algorand price analysis conclusion
Algorand prices are currently bearish, in line with the general market sentiment. We expect the market to remain bearish in the short term as prices continue to decline. The key support levels to watch out for are $0.7747 and $0.7883.The current selling pressure is likely to drag Algorand prices even lower than the current support if the bulls fail to take control of the market.
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