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Algorand Price Analysis: Will ALGO again Showcase its Potential?
- Algorand’s EMA(10) shows a downward trend.
- In terms of ALGO support floor, it is now $0.29.
- ALGO fall -2.32% in seven days.
- Algorand is presently valued at $0.18
19 April 2024 : In this article we will walk you through Algorand price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Algorand, Is ALGO a good investment? Algorand support & resistance levels etc. But before diving deep into the ALGO technical analysis, let us talk about the current market conditions.
Market Analysis
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,336,315,463,689. The total trading volume stands at $111,255,598,629. Bitcoin shares 54.19 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $64,288.58 level after an upward movement of 2.13%.
A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 1.01 percent reaching to $3,077.68 during the previous 24 hours.
While publishing this blog, BNB traded at $559.27, following a price change of 1.84% within the same time frame.
SOL the native coin of Solana is up by 5.37 and currently trading at $145.53.
Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Algorand Support and Resistance
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Algorand (ALGO)
| ALGO Resistance Levels | ALGO Support Levels | ||
|---|---|---|---|
| Resistance Level 1 | $0.34 | Support Level 1 | $0.29 |
| Resistance Level 2 | $0.36 | Support Level 2 | $0.27 |
| Resistance Level 3 | $0.39 | Support Level 3 | $0.25 |
Algorand Performance
The current Algorand price is $0.18, with a trading volume of $73,914,372.00 in the past 24-hours. Currently, ALGO is up by 2.55% since yesterday with a market capitalization of $1,439,172,848.00 USD.
Algorand Price Analysis
ALGO price analysis for 19 April 2024 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Algorand.
| Moving Averages | Price | Indicator |
|---|---|---|
| Simple Moving Average (10) | 0.32 | Sell |
| Exponential Moving Average (10) | 0.32 | Sell |
| Simple Moving Average (20) | 0.34 | Sell |
| Exponential Moving Average (20) | 0.34 | Sell |
| Simple Moving Average (50) | 0.33 | Sell |
| Exponential Moving Average (50) | 0.33 | Sell |
The Algorand has break all its supports levels and things are not looking good for the crypto market. Currently, bears are in control of the market and successfully take ALGO price below the crucial support level of $0.29. While ALGO’s Williams %R indicator is at -40.299 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The ALGO/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. The relative Strength Index (RSI) indicates that the ALGO coin is near oversold zone, as RSI is at 31.
Conclusions
ALGO price is moving in sideways direction. The battle between the bulls and the bears can result in moving the coin price in either direction. However, The investors are waiting for Algorand to make a one directional move to make a good entry in the market.