- The ALGO price has been struggling below the key moving averages.
- Algorand crypto price has dropped by 40% in the past 75 days.
The Algorand price has been bullish and rising on a broader time frame by forming higher highs and lows. ALGO price has displayed weakness after recording a new higher high.
It seems that the Algorand crypto price has managed to defend the last swing low and started consolidating. In the short term, two scenarios were observed at press time. The first one is that the buyers are struggling to surpass the 200-day EMA, and the other one is that the price is rising by defending the last swing lows.
When writing, the Algorand price traded at $0.191 with an intraday loss of 2.52%. The market capitalization is $1.56 Billion, and the 24-hour trading volume is $62.32 Million. The circulating supply is 8,168,419,316 ALGO, and the total supply is 10,000,000,000 ALGO.
Development Activity Decreased by 75%
The graph suggests that the development activity has dropped by 75% in the past 2 weeks. However, the Algorand crypto price has remained constant. Suppose the development activity in Algorand cryptocurrency increases, the price may also gain bullish momentum in upcoming sessions.
Is ALGO Price About to Take a Bullish Reversal?
$ALGO pushing for the bullish reversal ⚡️ pic.twitter.com/7jiyyWVgSp
— Crypto Rand (@crypto_rand) May 27, 2024
An X user says that the Algorand crypto price has triggered a breakout from the trendline. On a daily time frame, the price has taken support at the major support level of $0.150. It gained bullish momentum after the breakout. If the trading volume supports the buying momentum, it may approach the last swing high.
Algorand Price Technical Analysis in a Daily Timeframe
In a daily time frame, the Algorand crypto price declined due to resistance from the trendline. In mid-May, the ALGO price triggered a breakout from the trendline and witnessed slow and steady growth.
ALGO crypto’s price is struggling to stay below the key moving averages. The buying momentum can occur if the Algorand crypto price manages to overcome the 200-day EMA. If the development activity in ALGO crypto increases, the price may extend to the last swing high.
On the other hand, if the Algorand price fails to surpass the 100-day EMA and starts trading below the major support level of $0.165, it may react negatively. At this point, most investors might prefer to book profit, which may result in strong selling pressure.
Conclusion
The Algorand price has shown signs of consolidation and potential bullish reversal. The development activity for Algorand has decreased, but if it picks up, it could lead to a bullish momentum in the upcoming sessions.
The recent breakout from the trendline and the support at the major level of $0.150 indicates a positive sentiment. However, it’s essential to monitor the price’s ability to surpass key moving averages, particularly the 200-day EMA.
If the price fails to overcome these levels and drops below $0.165, it could result in a negative reaction from investors.
Technical Levels
The chart of the Algorand price suggests that the bullish momentum can be interrupted near the $0.225 and $0.280 levels. If the price weakens, it may take support on the $0.165 and $0.120 marks.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
