Algorand price analysis: ALGO faces break down at $0.768 after bearish turn

TL;DR Breakdown

  • Coin value has now decreased to $0.730.
  • Algorand price analysis shows downturn.
  • Support for ALGO is available at $0.704.

The Algorand price analysis is going bearish for the day, as the bears have succeeded in creating a way to strike back after a slight bullish price action. The Bearish momentum has been considerable enough to lower the price levels to the value of $0.730.

The past few hours had been exceedingly successful for the bears, as the downtrend is huge and cast negative results on the overall value of cryptocurrency. Yet, the most recent progress is going in favor of the bears, as observed from the price charts. The next support for ALGO/USD price function is present at $0.703, where traders can hope for the price to bounce upwards if the support persists.

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ALGO/USD 1-day price chart: Algo on the way to retesting the $0.703 support

The 1-day Algorand price analysis chart is detecting a sudden drop in the price today, as the price levels have almost reached $0.730. The past week has been unpredictable for the cryptocurrency, as there has been bearish control over the charts for most of the time. And today’s trend is going in favor of bears as well, and it is expected that the bearish momentum will intensify even further. The Moving Average (MA) value, i.e., $0.762, has also been crossed by today’s price value after sinking below.

ALGO/USD 1-day price chart. Source:TradingView

The volatility, on the other hand, is on the higher side as the Bollinger bands are maintaining the distance between them, and currently, their upper value is resting at $0.894 and the lower at $0.703, representing the resistance and support, respectively. The Relative Strength Index (RSI) score has also decreased up to index 37 today as the selling triggered.

Algorand price analysis: Recent developments and further technical indications

The 4-hours Algorand price analysis is supportive for the bears as well, as the price has downgraded to $0.732 according to the latest update. The past week’s price action has been showing mixed results, yet today the trends have reversed in favor of the bears. The moving average is quite above the price value and is at $0.758, whereas the Bollinger bands average is set at $0.749 below the MA value in the 4-hours price chart.

ALGO/USD 4-hours price chart. Source:TradingView

Furthermore, the upper Bollinger band shows us the value of $0.779, while the lower band shows us the exact value of $0.718. Meanwhile, as the short-term trending line is in favor of the bears, so is the RSI score in the lower half of the neutral zone at index 40, but the curve of the indicator has flattened up, hinting at a slow down in selling activity at the moment.

Algorand price analysis conclusion

The 1-day and 4-hours Algorand price analyses confirm that the most recent trend has been bearish, which has resulted in a decrease in price. The price has lowered up to $0.730, which is a very low value if compared to its position in the last trading session. Yet, the support level at $0.703 seems strong, and there is little possibility that the price will go lower than the support.

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.

Source link:Cryptopolitan

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