- Algorand coin price is currently seeing a bearish momentum which can push the price to a lower level. In contrast, it has observed a loss of more than 1.65% in the intraday session.
- Technical indicators of ALGO suggest a consolidation momentum for the future. In contrast, the ALGO/BTC pair has observed a loss of more than 2.7%
Why To Invest In ALGO Coin?
ALGO coin price is currently seeing a strong bearish trend which can push the price to a lower low. Algorand’s price is currently trading near the value of $1.85 and has seen a loss of more than 1.92%. Algorand (ALGO) is a blockchain platform that has various capabilities including self-sustaining features. The coin has the ability to handle more than one million transactions and is looking to grow for more. The ALGO/BTC pair can also see a strong upside surge in the upcoming days. One can invest in Algorand as per their needs and risk adversity.
Algorand market dominance along with the market cap is seeing a steady recovery in the past few days. The volume to market cap ratio of the coin price also suggests a strong momentum for the future.
Bears Of ALGO Coin Price Are Ready To Push It Down
Algorand price weekly technical chart suggests a strong downside momentum in price which can push the price to a lower level. On the daily time frame, the coin price is seeing consolidated momentum. The hostile region of ALGO while going upwards can be seen near $3. The bounceback region in the asset price can be found near $1. The price of the coin is currently trading above the 50 and 100 Daily Moving Average. The 50MA line is at $1.64, making it a temporary support zone for the coin price. One can forecast strong growth in ALGO in the upcoming days. ALGO/BTC pair can also see a strong upside momentum in the upcoming days
Conclusion
ALGO coin price is currently observing a consolidation but can soon see a major breakout in the future.The ALGO/BTC pair can also see a strong upside momentum in upcoming days. Investors should do their due diligence before investing.
Technical Levels
Major Support:$1.4
Major Resistance:$2