Algorand price analysis: ALGO prices bleed to new lows of $0.7163 as demand plummets

algo

TL;DR Breakdown

  • Algorand price analysis is bearish
  • ALGO prices have declined by 8.29 percent
  • Support for ALGO prices is present at $0.7066
Algorand price analysis: ALGO prices bleed to new lows of $0.7163 as demand plummets 1
Cryptocurrencies prices heatmap, source: Coin360

ALGO prices have spiraled over the past few days as market sentiments continue to turn bearish. The cryptocurrency currently trades at $0.7201, which is a new low over the last 24 hours. The sell-off in ALGO prices can be attributed to a number of factors. One of the primary reasons is the overall bearishness in the cryptocurrency market. Bitcoin, which is the largest cryptocurrency by market capitalization, has been on a losing streak over the past few days. This has led to a domino effect and a sell-off in most altcoins, including ALGO.

Algorand prices hovered around the $0.7066 to $0.7894 range, while the trading volume currently sits at $159,627,497.50. Algorand prices sought support at $0.7066 while the resistance is at $0.7894. Algo suffered a decline of 8.42 percent in the last 24 hours. Its market cap is currently at $ $4,799,460,587.043, and ALGO trades hands at $0.7163 as of writing.

Algorand price analysis on a 1-day price chart: Bears put up a firm fight

Algorand’s 1-day price chart shows that prices have been on a downtrend for the past few days. The bearishness in the market is evident in the formation of lower highs and lower lows. The MACD indicator is currently in the bearish zone, which indicates that the selling pressure will likely persist in the market. The RSI indicator is currently at 36.53, which indicates that the market is in oversold territory.

Algorand price analysis: ALGO prices bleed to new lows of $0.7163 as demand plummets 2
ALGO/USD 1-day price chart, source: TradingView

Algorand market volatility is decreasing as the Bollinger bands are converging. This indicates that the market is range-bound and we can expect prices to remain within the current range in the near future.

Algorand price analysis on a 4-hour price chart: Recent developments and further technical indications

Algorand’s 4-hour price chart shows that the market has been on a downtrend since the beginning of the month. The selling pressure in the market increased after prices failed to sustain the $0.8 level. The recent decline in prices can be attributed to the overall bearishness in the cryptocurrency market.

The MACD line currently signals a bearish crossover as the signal line is about to cross below the MACD line. This indicates that the selling pressure is likely to continue in the market in the near future. The RSI indicator is currently at 39.48, which indicates that the market is oversold.

Algorand price analysis: ALGO prices bleed to new lows of $0.7163 as demand plummets 3
ALGO/USD 4-hour price chart, source: TradingView

The Bollinger Bands are now converging, suggesting that the market is range-bound. We anticipate prices to remain in the current range in the short term.

Algorand price analysis conclusion

The Algorand price analysis for today is bearish, which indicates persistent selling pressure. The bears seem to be headed for the next major support at the $0.70 level. On the other hand, if the bulls successfully defend $0.70, we may see prices bounce back to the $0.80 level in the near future. The overall market sentiment is bearish and is expected to remain so 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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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