- ALGO shows lose in momentum with low volumes.
- Buyers unable to gain and hovering below the key EMA.
Algorand showed a breakdown below the strong support mark of $0.1600, which sellers continued to break with their aggressive muscles. In the last session, intense selling pressure was seen in the coin, and ALGO broke the critical zone and value area below the support. Below that, sellers gained momentum and continued to make short positions.
Moreover, pressure on bulls is still there and they are hopeless and lost momentum in the recent trading sessions. The price action shows a strong bearish trend with the price continuing to drop after facing rejection from the supply mark of $0.300.
From March, selling pressure resumed and a gradual price decline was seen. Breaking down the ascending triangle pattern and breaking the recent supports a strong downtrend of ALGO.
When writing, ALGO trades at $0.1497 with an intraday decline of 0.10%, showing mild negative cues rather than a bounce. Still, sellers showed their presence with these moves in price. Moreover, the pair of ALGO/BTC is at 0.0000056 BTC, and the intraday trading volume showed an increase of 2.65% to $45.66 Million. The day high of ALGO is $0.1522, and the day low is $0.1495, showing that ALGO trades in a narrow range with negative cues. Moreover, the market cap of ALGO is $1.09 Billion.
Daily Charts of ALGO
On the daily charts, ALGO shows a breakdown showing sellers presence in the coin. The rise in volatile action makes the buyers trapped who were sitting in the long positions. Furthermore, sellers continue to make short positions and tank ALGO toward the support.
Moreover, the price action shows a hawkish move with lost traction and trajectory swings. The whole move of ALGO was under the hands of the mighty bears who controlled the action behind the bars.
ALGO also breaks the lower Bollinger band in the last trading session, which shows further decline is yet to be showcased on the charts. Furthermore, there is clear indication that Fib levels are to arise when price breaks 23.6% below that strong downfall will be there.
Short term View of ALGO
On the short-term charts, there is a slight rebound shown on charts amid the breakdown in recent sessions. The technical indicators suggest a strong downtrend, but a pullback is needed for follow-up selling in Algorand.
Still, RSI shows a strong downtrend but bounced from the oversold region, but a negative crossover shows intense selling pressure will resume further.
The MACD indicator began a green bar on the histogram due to the rebound from the oversold region, which was just a rebound. Still, selling pressure resumed in the coin, which will exhaust the bulls again in the upcoming sessions.
Conclusion:
Algorand showed a pullback amid the breakdown on charts, indicating hawkish moves in the near-term trading sessions.
Technical level:
Resistance Levels: $0.2000
Support Levels:$0.1380
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.