- Algorand’s price reflects a fully diluted market capitalization of $970 million.
- ALGO is currently trading at $0.09.
- ALGO price has shown a decline of 68% in one year.
Algorand is a decentralized blockchain network designed to support various applications. It offers security, scalability, and efficiency, which are vital for practical, real-world applications. Algorand enables reliable performance for computations, fostering trust in new ways.
On centralized cryptocurrency exchanges, you can trade Algorand (ALGO) coins. The price of ALGO is on a downward trend, consistently making lower lows, indicating a negative pattern.
The total supply of ALGO coins is $7.82 Billion, with an average trading volume of $2.4 Million.
In November 2021, ALGO reach a peak of $3.00, after which its price decline significantly by over 97%. The price of ALGO is currently at an all-time low, and its structure appears to be negative. The price is moving inside a descending triangle pattern, suggesting a possible further decline.
The decreasing volume of Algorand coins indicates that sellers are active and taking new positions, which could be unfavorable for the coin’s performance. The OI of the coin is $28.53 Million, which has declined by 1.24%
Algorand (ALGO) Price Analysis
ss by writer50_tcr on TradingView.com
Indicators’ Overview
The Algorand coin is currently experiencing a situation where the 50-day and 100-day EMA levels are trading above its price. This indicates a growing bearish trend, suggesting that the coin’s value might decline in the coming days.
In addition, the MACD line of the Algorand coin is presently below the signal line, with both lines situate below the zero line. This indicates a depreciation in the coin’s value and the possibility of a price decrease in the near future.
Furthermore, the RSI line is position below the SMA line. This signals price instability and raises the likelihood of further decline in the days ahead.
Conclusion
The analysis suggest that the price of Algorand (ALGO) is showing indications of a downward trend, which could lead to a potential price decline in the future. Indicators such as the MACD, RSI, and EMA also point towards negative momentum ahead. Additionally, the coin’s trading volume is decreasing, indicating a lack of buyer interest under the current market conditions.
Technical Levels
· Support Level – $0.91
· Resistance Level – $0.17.
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.