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- The Algorand coin is forming a high-low during a recovery in the context of the hourly price chart.
- ALGO investors have reported a 25% increase in its trading volume over the past 24 hours.
- Algorand coin with bitcoin pair is trading at 0.000001583 satoshis, up 3.3%.
For the following months, Algorand (ALGO) has been on the back foot as bears refused to give up their gains. Following a drop from the 38.2 percent Fibonacci level, the cryptocurrency rushed in to score nearly 55% drop at its 15-month low on May 12.
Since early 2022, ALGO investors have been failing to cushion the selling pressure, with each increase turning into a sell-off. Thus, the bears near the descending trend line (blue) on the daily price chart have since been an important selling point.
Meanwhile, the altcoin noted a 52-week low of $0.3575 along with a 2022 low on May 12, Algorand coin has been forming a high-low in terms of the hourly price chart since then.
According to CMC, at the time of writing, ALGO Coin was trading at $0.48, marking a 3.3% increase in market cap over the past 24 hours to $3.2 billion. Furthermore, the Algorand coin with the bitcoin pair is trading up 3.3% at 0.000001583 satoshis.
In terms of the daily price scale, ALGO Coin is looking below important EMAs like 20, 50, 100 and 200. In the midst of the selloff, the 50 EMA acted as an important selling area. Meanwhile, ALGO investors have registered a 25% increase in their trading volume over the past 24 hours.
Would you buy ALGO in a dip?
The daily RSI indicator is moving towards the semi-line (50-mark) after reversing from the oversold zone. On the other hand, MACD remains in negative territory with a downside correction.
conclusion
For the past 4 days, the ALGO coin has been present in a horizontal range. Above the $0.50 mark, the bulls may be more aggressive to push the altcoin coin higher.
Support level- $0.36 and $0.30
Resistance level- $0.50 and $1.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
