- Algorand price analysis shows a sideways move below $1.00.
- The nearest support level is at $0.9018.
- ALGO faces resistance at $0.9565
Algorand price analysis shows that the asset's volatility has fallen significantly since it hit the $0.800 mark. Moreover, although the asset has quickly recovered to the $0.900 mark, it is unlikely to break above the $1.00 key level as strong selling pressure persists. In addition, low trading volume is preventing bulls from generating enough momentum to break above the price level.
The broader cryptocurrency market observed bullish market sentiment over the past 24 hours as positive price action was observed across most major cryptocurrencies. Major players include ATOM and HBAR, which recorded slopes of 5.93% and 5.90%, respectively.
Algorand Price Analysis: Longs Can't Find Momentum Tradingview's ALGO/USDT Technical Indicator
Looking at the technical indicators, the MACD is currently bearish, as shown in red on the histogram. However, the indicator is showing lower bearish momentum at press time, as observed by the short-term height of the MACD. Moreover, the lighter shading suggests that a move above $0.9600 would lead to a bullish cross on the 4-hour chart.
The EMAs are currently trading close to average due to the low net movement observed by ALGO over the past few days. Both EMAs are currently trading below the mean, indicating a slight bearish dominance, while the 12 EMA has moved upward and the 26 EMA has not yet reacted to the recent bullish activity. Thus, the 26-EMA is moving horizontally indicating a bullish crossover.
The RSI is trading lower in neutral territory, but is now close to its average position of 50.00 exponential units. The indicator is hovering at 51.67 exponential units and moving upward with a flat slope, suggesting that strong bearish pressure is still weighing on the price action while the bulls try to fight back, moreover, the indicator's position suggests that there is still room for further upside in the near term K chart.
With price action consolidating around $0.9500, the Bollinger bands are now narrow and showing further convergence. At press time, the lower limit of the indicator is providing support to the bulls at the $0.9018 handle, while the SMA is forming resistance at the $0.9565 handle.
ALGO/USDT Technical Analysis
Overall, the 4-hour Algorand price analysis is signaling a sell signal, with 13 of the 26 major technical analyses showing support for the shorts throughout the time frame. On the other hand, only three indicators are supportive of the long side, indicating a lower level of bullishness in the last few hours. Meanwhile, the remaining ten indicators are in a wait-and-see mode and did not issue any signals at press time.
The 24-hour Algorand price analysis is the same, with a sell signal, where 12 indicators support a price decline, while only 4 indicators point to further price gains. The analysis reiterates the bearish dominance of the Algorand price trend. At the same time, ten indicators remain neutral and do not support either side.
What to expect from Algorand price analysis? Tradingview's 4-hour price K-line chart
Algorand price analysis shows that after plunging from the $1.800 mark, the price observed a free fall to the $0.8000 mark, where it found strong support to bring the price back up. Since the recovery of the $0.9500 mark, ALGO has observed little vertical activity, as the price action consolidated around that level
For now, traders should expect Algorand price analysis to fall below the $1.00 mark as the broader market recovers from the cryptocurrency crash. The medium-term technical analysis also shows support for the shorts, but the short-term technical analysis suggests that further downside is unlikely. Therefore, traders should expect a sideways consolidation between the $0.900 and $1.000 marks.
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