- Algorand coin price is currently seeing a downside momentum and can soon see a strong downside momentum. In contrast, it has observed a loss of more than 1.44% in the intraday session
- Technical indicators of ALGO suggest a strong upside momentum in the price for the future. In contrast, the ALGO/BTC pair is down by more than 2.64% in the past 24 hours.
Why Invest In ALGO Coin?
ALGO coin price is currently seeing a downside momentum and soon hit a new low in the future. Algorand’s price is currently trading near the value of $1.81 and has seen a loss of more than 1.8%. Algorand (ALGO) is a blockchain platform that has attained various self-sustaining qualities. The coin has the ability to handle more than one million transactions and can soon see a strong high in the future. The ALGO/BTC pair can also see a strong upside momentum and can soon see a new high in the future. One can invest in Algorand as per the price action and risk capacity.
Algorand market dominance along with the market cap is observing a decline which can push the price to a new low in the future. The volume to market cap ratio of the coin suggests a strong bullish trend for the future.
Bears Of ALGO Coin Price Might Push To A New Low In The Future
Algorand price weekly technical chart suggests a bearish momentum in the price for the future. In the daily time frame, the asset price has formed a strong bearish pattern in the daily chart. The resistance zone of the Algorand can be seen near $3. The support region of the coin can be seen near $0.5. The price of the coin is currently trading below 50 and above 100DMA. The 50MA line is at $1.88, making it a temporary support zone for the price. One can forecast a strong bullish trend in the price for the future. ALGO/BTC pair can also see a strong bullish trend in the future.
Conclusion
ALGO coin price is currently observing a strong downside momentum and can soon see a new high. The ALGO/BTC pair can also observe a strong rally in the upcoming days. Investors should do their due diligence before investing.
Technical Levels
Major Support:$1.4
Major Resistance:$3