- Algorand Price has been on a bearish trend and can soon see a reversal in price for a new high. The asset has seen a drop of more than 11% in the intraday session
- Technical indicators of Algorand are favoring the bears. In contrast, ALGO/BTC pair has seen a fall of more than 5%.
Algorand coin price is currently seeing a downside trend and has fallen below its major level. The cost is as of now seeing an upswing and can before the long break the past opposition. It has an ROI of under 10% which has been a negative point at the cost over the long haul. The cost is at present in the middle of the 0.5 and 0.382 fibs. On the off chance that the ALGO token cost goes down beneath the 0.5 fibs, a solid downtrend in the cost can be noticed. The market capitalization of the cost alongside the volume has likewise seen a critical expansion as of now. The volume to market capitalization proportion of the asset cost likewise indicates an upswing.
Technical Indicators Suggests An Uptrend In The ALGO Token Price
The week-by-week technical chart of the ALGO suggests a consolidated trend in the price for upcoming days. ALGO token cost has formed a strong bearish candle on the daily chart. Opposition at the asset cost while going potential gain can be seen close to $1.5. In the meantime, the help should be near $0.6. The cost is presently exchanging underneath the 50 and 100 Daily Moving Average. The moving average is showing a negative hybrid on the everyday graph. The 100 MA line is at $1.11 making it transitory resistance at the cost. Algorand is presently showing solidarity to recuperate to the positive levels. ALGO/BTC pair can likewise see a solid upturn later on.
MACD(Bearish): MACD for the asset is presently in a negative zone. It has given a negative hybrid on the sign line which recommends a bullish pattern on the day-by-day diagram. The bars of the histogram additionally propose a downtrend for the asset
Conclusion
ALGO token price is currently in a downside move and can soon see a strong move in the future. The ALGO/BTC pair can move to a new high in the future. Investors should do their due diligence before investing in Algorand
Technical Levels
Major Support:$0.6
Major Resistance:$1.5