ALGO prices decline to $0.786 as bears push further downwards

TL;DR Breakdown

• Algorand price analysis shows a bearish market sentiment
• ALGO prices have seen support at $0.7747
• Algorand prices are currently trading at $0.7883

Algorand prices opened the daily trading chart with a bearish gap. There was a slight pullback as the prices is bearish but the bulls could not sustain the pressure and the prices started declining. The coin has found support at $0.7747 and is currently trading at $0.7883.The current market trendline is showing a bearish market sentiment as the prices are continuously declining. The current decline in ALGO prices is attributed to the overall crypto crash in the entire market that has been witnessed in the past 24 hours.

The market sentiment for Algorand is bearish as the prices have seen a continuous decline in the past few days. The market is expected to remain bearish in the short term as the prices are currently trading below the moving averages. The trading volume has however increased as it is currently totaling $272,406,226.64.The prices have been moving in a range of between $0.7747 and $0.8676 while the coin ranks at position 30 in the overall digital assets market.

Algorand price action on a 1-day price chart: Selling pressure drives ALGO prices to lows of $ $0.7883.

Algorand ‘s 1-day price chart is examined to better understand the market trend. The candlesticks are observed to trade below both the moving averages which indicates heavy bearish pressure on the coin as the market sentiment is bearish. The RSI indicator is currently at level 38 which shows that there could be some buying pressure in the market as the prices approach the oversold region. The MACD indicator is currently giving a bearish signal as the fast-moving line is below the slow-moving line and the histogram is also below the zero line which indicates that selling pressure is likely to continue driving prices lower. The Bollinger bands are contracting indicating less volatility in the market as the bears take wheels.

Algorand price analysis on a 4-hour price chart: ALGO prices continue to decline as the market sentiment is bearish

The 4-hour chart for Algorand is observed to trade below both the moving averages which indicates a bearish market trend. The RSI indicator is currently residing in the oversold region as it approaches level 30. The MACD line is crossing the signal line to the downside which is a bearish signal and indicates that selling pressure could continue pushing prices lower. The Fibonacci retracement levels show that the coin is currently trading at the 23.6% level which could act as a support level.

Algorand prices have been trading in a descending trendline for most of the day as the market sentiment remains bearish. The market is expected to remain bearish in the short term as the technical indicators are all giving bearish signals. The market volatility has decreased showing investors are currently waiting on the sidelines for further market direction. The Parabolic SAR indicator is currently giving a bearish signal as the dots are above the candlesticks which indicate that selling pressure could continue pushing prices lower.

Algorand price analysis conclusion

Algorand prices are currently bearish as the market sentiment is bearish. The market is expected to remain bearish in the short term as prices continue to decline. The key support levels to watch out for are $0.7747 and $0.7883.The current selling pressure is likely to drag Algorand prices even lower the current support if the bulls fail to take control of the market.

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