Algorand price analysis for today indicates ALGO prices opened the trading session at $0.73 and slid below $0.66 as the day proceeds. ALGO prices have faced some resistance at the $0.73 and are likely to continue to hold the ALGO prices back from a further upside correction. Algorand prices are currently down by 3.59 percent after a day of bearish price action. A break below the current support level at $0.65 could see ALGO prices sink to the $0.62 level where a further dip is likely to find support.
Algorand is currently trading at a volume of $623,244,494 and has a market capitalization of $4,444,001,396, which is 9.58 percent lower than yesterday’s. According to coinmarketcap.com data, the digital asset is ranked 19th in the bigger market and is currently dominating 0.26 percent of the digital assets market. The prices for ALGO have been bearish in the last few days and the bearish run is still likely to persist. The digital asset is likely to retest the $0.65 level in the coming days if a further slide continues and traders may need to consider shorting at the current levels with a target of $0.62.
Algorand price action on the 1-day price chart: Bears take control of ALGO prices
Algorand price analysis on the 1-day price chart indicates a further downtrend over the course of the day. The prices are trading below the Simple Moving Averages (SMAs), with the SMA50 sliding below the SMA200. The Relative Strength Index (RSI) is currently at 38.62 and indicates no bullish momentum in the market as of now, which could see prices continue to move lower. The MACD indicator is currently in the bearish zone after a crossover and supports a further downside in prices.
While the current levels for ALGO are around $0.66, we could see a further dip to $0.65 if sellers continue to increase their grip on price action. Looking at the longer-term picture for ALGO/USD prices, the digital asset is likely to find some support near the $0.62 level if prices continue to move lower from the current levels. The immediate resistance for ALGO prices lies at $0.73 and a break above this level could see prices target the $0.80 level in the near term.
Algorand price analysis on a 4-hour price chart: Recent developments and further technical indications
Algorand price analysis on the 4-hour price chart shows ALGO prices have formed a double top pattern as of now. The prices have broken below the support level at $0.68 and are likely to continue to move lower in the near term. The Stochastic indicator is currently at 16.15 and indicates bearish momentum over the course of the day, which could see bears take control of price action for ALGO in the near term. The MACD indicator is currently in the bearish zone and supports a further downside in prices.
The current levels for ALGO are around $0.66 and a further dip could see prices sink to $0.65 where some buying interest is likely to emerge. On the upside, immediate resistance lies at $0.73 and a break above this level could see prices target $0.80 in the near term. The4-hour price chart green bars are seen to be closing in a bearish manner and this could increase the likelihood of further downside for ALGO prices even though we still have to wait for confirmation on the pattern. The RSI line is pointing towards further downside, a bearish trend indicated.
Algorand price analysis conclusion
Algorand price analysis suggests that ALGO prices are predominantly bearish and we are likely to see more downside in prices as we progress into next week. The $0.70 level is acting as the immediate resistance level while the Bollinger band indicator is hinting at a potential price breakout. However, the 20-day EMA along with the current $0.67 is likely to support ALGO prices in case they break below $0.72 levels. Traders should use any dips in Algorand’s price around $0.65 as an opportunity to enter long positions with a stop loss below $0.64 levels.
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