Algorand price is showing a strong downward trend! Will ALGO price reach $0.15 soon?
The cryptocurrency industry has seen positive gains over the past day, adding more than 7% to its valuation. Additionally, the price of Algorand is up over 7% over the past day, but down over 19% over the past week.
ALGO price traded in a consolidated range between $0.1823 and $0.2080 for a short period of time, after which the price gained momentum and surged more than 29% in value.
ALGO coin price has been trading in a closed range between $0.2296 and $0.2413 for about a week after being rejected at $0.2515. As market volatility increased, the price consistently fluctuated between $0.2191 and $0.2413.
After several attempts to break away from the $0.2413 resistance level, the bulls lost momentum and recorded a correction of around 20%. Afterwards, the Algorand price trended sideways for a while, then the upward trend lost momentum and fell by 7%.
Recently, the bulls regained momentum and after surging more than 10% in value, they found support at $0.1942, sending the price sideways. ALGO price experienced a trend reversal, causing the price to lose its recent gains.
Negatively, the Cross EMA 50/200 day is marked with a Death Cross, indicating strong bearish sentiment in the cryptocurrency market.
Will Algorand regain its value?
The Relative Strength Index (RSI) is trending downward on the chart, indicating bearish sentiment in the cryptocurrency industry. The averages also show bearish convergence, suggesting that prices will continue to lose momentum in the future.
If the bulls hold the price above the support level of $0.1823, ALGO price will regain momentum and test the resistance level of $0.1942 soon. Holding the price at this level would set the stage for Algorand to test the upper resistance level of $0.2080 by next week.
Negatively, if the bears pull the price below the support level, the price will continue to lose momentum and test the support level at $0.1646. Moreover, if the bears continue to strengthen, the price could fall sharply and prepare to test the lower support level of $0.150 by the end of the week.