- Algorand price prediction reveals that the ALGO token has been on a selling spree.
- ALGO Crypto delivered a loss of 68% in the last one year.
- ALGO price made a new all-time low at $0.09001
Algorand’s (ALGO) price prediction shares a bearish outlook for the ALGO token price which has been falling since February 2023. The ALGO price began recovering from its support of $0.1650 and made a bullish rally of 78% to the resistance of $0.2950. However, the bullish momentum couldn’t be sustained, and the market surrendered to the bears. This began an aggressive selling spree, which flushed the price by 68%, where the price printed a new all-time low at $0.0901. Since then, the bulls have been trying to recover the price, which can be observed in the daily timeframe.
At the time of writing, the current market price of ALGO tokens is $0.1161. The 24-hour trading volume plunged 26.95%. The market is up 1.93% in the last 24 hours. The overall market cap of ALGO is $903,817,707.
Can Algorand Make A Comeback With A Double bottom pattern?
Algorand’s (ALGO) price prediction reveals the extreme selling pressure of the ALGO token, which has been in steep decline. The price broke multiple support levels, including the most critical at $0.0963. However, the price was immediately rescued by the bulls as it was a critical demand zone.
The ALGO crypto price has witnessed a recovery of 23% so far. If the price sustains above the demand zone, there are high chances of a bullish trend reversal. The volume can be seen increasing, which is an indication of the buyers’ participation. However, if ALGO breaks down further, it will dive into unexplored territory, leaving the investors scared.
Will ALGO Sustain Above the Important Demand Zone?
On the 4-hour chart, the price action suggests that the price has lost momentum and has been moving sideways after the recent dump. The ALGO crypto price is getting consolidated before it makes its next volatile move. Meanwhile, the price action is showing a potential double bottom pattern, which is a trend reversal pattern and can help the bulls recover the price further.
In order to succeed with this pattern, the ALGO token must surpass the local resistance of $0.143, which can propel the price to the next resistance of $0.1747. Also, the current market condition offers an excellent risk-to-reward ratio, which could be a once-in-a-lifetime opportunity.
RSI: The RSI indicator is currently at 53.41. It represents a bullish to a sideways condition where the market moves up aggressively if the RSI goes below 70.
MACD: MACD is getting ready to make a bullish crossover above the 0 line. It suggests that the correction may be getting over soon and the price may continue to move up.
200 EMA: On the 4-hour chart, the price is trading below the 200 EMA. This is a bearish sign indicating that the sellers are in control. The 200 EMA acts as a dynamic resistance, and the prices may continue to move down until the price breaks above the indicator.
Conclusion:
Algorand’s (ALGO) price prediction shares a bearish outlook for the ALGO token price, which has been falling since February 2023. The market is driven by extreme fear. The price recently carved a new all-time low, which raises concern among investors. However, the price is in a crucial demand zone, which can offer an excellent risk-to-reward ratio. The current levels could attract a lot of investors, as it could be a rare opportunity to catch this asset at its lowest level.
Technical Levels
- Support level: $0.1091
- Resistance level: $0.1413
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.