Algorand price analysis: ALGO corrects as bears reject further upside above $1.73
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TL;DR Breakdown
- The Algorand price analysis is bearish today.
- Support for ALGO is present at $1.66.
- The resistance is found at $1.76.
The Algorand price analysis is bearish today as bullish momentum deflated at $1.73 after continuing for two days. The ALGO/USD started to correct as selling pressure appeared, and as a result, the price has decreased to $1.67. The price function was upwards mostly for the last 32 hours, so bulls might be feeling exhausted, and the price function took a downturn and is on the decline from the start of today’s trading session.
ALGO/USD 1-day price chart: Price goes down despite the trading volume increased
The 1-day price chart for Algorand price analysis shows the price has stepped down again. The coin is trading hands at $1.67 at the time of writing. But as the price function was steeply upwards for the last two days, the coin still reports an increase in price value by 7.3 percent over the last 24 hours and also reports an increase in price value by 15.87 percent over the past week. The trading volume has increased by 45.10 percent, and the market cap has also increased by 8.32 percent.
The volatility is again increasing as the Bollinger bands are expanding slowly. The upper limit of the Bollinger Bands is now at $1.73, representing resistance for ALGO, whereas its lower limit is present at the $1.21 mark representing the strongest support for the crypto pair. The Relative Strength Index (RSI) score has decreased again as the selling activity is on the rise today. The RSI is trading at index 55 on a downwards slope. The moving average (MA) has also traveled up and is now trading at $1.59.
Algorand price analysis: Recent developments and further technical indications
The 4-hour price chart confirms the bearish trend as the price function is headed straight downwards from the start of the trading session today. A significant decline in price value has been observed today as no support has yet appeared for ALGO, and a further decrease in price is also expected.
The Bollinger bands are covering more area on the 4-hour chart indicating high volatility for ALGO, with the upper limit of Bollinger Bands Indicator now reaching the $1.75 mark, and the lower band has reached the $1.40 mark. The RSI curve is also headed down as it has come down from index 67 to index 59 due to the overwhelming selling activity in the market today. The moving average is trading currently at the $1.65 level below the price level.
Algorand price analysis: Conclusion
The Algorand price analysis is bearish as the coin is retracing after rallying high for the last two days. We expect ALGO to recover above $1.67 in the coming hours as support present at $1.66 seems solid enough.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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