Algorand price has been trying to sail through the choppy waters, the coin has moved against the broader market price movement.<\/p>\n
Over the last 24 hours, Algorand has gained 2%, which means that ALGO is stuck in consolidation. In the past week, ALGO moved up by 3%.<\/p>\n
This also signalled that the altcoin hasn\u2019t made significant upward movement on the chart. The technical indicator of the altcoin showed that the bulls were still in control.<\/p>\n
The buyers were still more than sellers, but the technical outlook also pointed out that the bulls would soon fizzle out in the market.<\/p>\n
The demand for ALGO had slowed down, indicating that sellers would soon take control, bringing the price of the altcoin down to its next support level.<\/p>\n
The support zone for the altcoin stood between $0.33 and $0.27 respectively. The demand for the altcoin has been dropping, which means that the coin will move near the $0.31 price mark.<\/p>\n
Algorand Price: One Day Chart ALGO was trading for $0.34 at the time of writing. The coin was trading in a descending channel from which it broke out, but it was unable to add further fuel to its price owing to lower demand.<\/p>\n The immediate resistance for the coin stands at $0.40 and a push above that could help the bulls to stick around for longer.<\/p>\n On the other hand, the local support for the coin stood at $0.31. A fall from the $0.31 level will bring ALGO down to $0.27.<\/p>\n The amount of Algorand traded in the last session decreased considerably, pointing towards slowing buying strength.<\/p>\n Technical Analysis ALGO\u2019s technical indicators showed that the buying strength was falling on the chart. Indicators were yet to display the upcoming bearish sentiment.<\/p>\n The Relative Strength Index was above the half-line, which still meant that buyers were in control of the market.<\/p>\n The indicator also displayed a steep fall, which signalled that the upcoming trading sessions could be controlled by the sellers.<\/p>\n The Algorand price was still above the 20-SMA line, which pointed toward buyers driving the price momentum in the market. A continued fall in demand will push the price below the 20-SMA line.<\/p>\n Algorand displayed buy signal on the one-day chart | Source: ALGOUSD on TradingView<\/a><\/p>\n Other indicators also agreed with the major indicators that selling strength would soon take over in the market.<\/p>\n The Moving Average Convergence Divergence indicates the price momentum and action. MACD displayed green histograms, which was still buy signal on the chart.<\/p>\n These green histograms were declining on the chart, indicating that the bullish action was losing steam.<\/p>\n The Directional Movement Index shows the price direction. DMI was still positive with the +DI line above the -DI line. The Average Directional Index (red) was below the 20 mark, signifying a loss in the current price momentum.<\/p>\n Featured image from The VR Soldier, charts from TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Algorand price has been trying to sail through the choppy waters, the coin has moved against the broader market price movement.<\/p>\n Over the last 24 hours, Algorand has gained 2%, which means that ALGO is stuck in consolidation. In the past week, ALGO moved up by 3%.<\/p>\n This also signalled that the altcoin hasn\u2019t made significant upward movement on the chart. The technical indicator of the altcoin showed that the bulls were still in control.<\/p>\n The buyers were still more than sellers, but the technical outlook also pointed out that the bulls would soon fizzle out in the market.<\/p>\n The demand for ALGO had slowed down, indicating that sellers would soon take control, bringing the price of the altcoin down to its next support level.<\/p>\n The support zone for the altcoin stood between $0.33 and $0.27 respectively. The demand for the altcoin has been dropping, which means that the coin will move near the $0.31 price mark.<\/p>\n Algorand Price: One Day Chart ALGO was trading for $0.34 at the time of writing. The coin was trading in a descending channel from which it broke out, but it was unable to add further fuel to its price owing to lower demand.<\/p>\n The immediate resistance for the coin stands at $0.40 and a push above that could help the bulls to stick around for longer.<\/p>\n On the other hand, the local support for the coin stood at $0.31. A fall from the $0.31 level will bring ALGO down to $0.27.<\/p>\n The amount of Algorand traded in the last session decreased considerably, pointing towards slowing buying strength.<\/p>\n Technical Analysis ALGO\u2019s technical indicators showed that the buying strength was falling on the chart. Indicators were yet to display the upcoming bearish sentiment.<\/p>\n The Relative Strength Index was above the half-line, which still meant that buyers were in control of the market.<\/p>\n The indicator also displayed a steep fall, which signalled that the upcoming trading sessions could be controlled by the sellers.<\/p>\n The Algorand price was still above the 20-SMA line, which pointed toward buyers driving the price momentum in the market. A continued fall in demand will push the price below the 20-SMA line.<\/p>\n
\nAlgorand was priced at $0.34 on the one-day chart | Source: ALGOUSD on TradingView<\/a><\/p>\n
\nAlgorand registered a fall in buying strength on the one-day chart | Source: ALGOUSD on TradingView<\/a><\/p>\n
\nAlgorand was priced at $0.34 on the one-day chart | Source: ALGOUSD on TradingView<\/a><\/p>\n
\nAlgorand registered a fall in buying strength on the one-day chart | Source: ALGOUSD on TradingView<\/a><\/p>\n