ALGO corrects to $0.9441, a downside to follow?

TL;DR Breakdown

• Algorand price analysis is bearish
• ALGO prices have sought support at $0.9039
• Prices for ALGO/USD have declined by 1.03 percent

Algorand price analysis over the last 24 hours has traded in a mixed reaction as the market is in search of a bottom. ALGO opened at $0.9641 and corrected to lows of $0.9441, a downside of 1.03 percent. The market has since found some form of support at the $0.9039 handle as prices trade in a sideways trend. Bears seem to be in control of the market as selling pressure increases with each corrective rally. The next key support level for ALGO/USD is at $0.8950 which could see a strong reaction from sellers should it be broken. On the upside, resistance can be found at $0.9641 and $0.9800.

Algorand price analysis indicates the prevailing price movement is bearish. The market has been in search of a bottom over the past few days with varying degrees of success. The $0.9039 handle has been identified as a key support level with a break below likely to see prices decline further. Alternatively, bulls could retake control of the market should they manage to push prices above the $0.9641 and $0.9800 resistances.

Algorand price action on a 1-day price chart: ALGO prices consolidate around $0.9441,prepares for a bullish reversal

Algorand price analysis over the last 24 hours has been in a mixed reaction as the market seeks a bottom. ALGO opened at $0.9641 and corrected to lows of $0.9441, a downside of 1.03 percent. The market has since found some form of support at the $0.9039 handle as prices trade in a sideways trend. Bears seem to be in control of the market as selling pressure increases with each corrective rally. The next key support level for ALGO/USD is at $0.8950 which could see a strong reaction from sellers should it be broken. The trading volume is seen to be increasing, which could foreshadow further downside in prices.

The technical indicators on the 1-day price chart signal a strong sell-off with the RSI currently at 33. The MACD is displaying a negative crossover and is indicative of more losses in prices. The Stochastic RSI is also in oversold territory, which could see a rebound soon. Moreover, the EMAs are all sloping downwards, signifying the sellers’ dominance in the market.

Algorand price analysis on a 4-hour price chart: The market is in a sideways trend

ALGO/USD bulls need to break above $0.9641 and $0.9800 for a reversal to take place. The Algorand price chart on the 4-hour timeframe shows that the market is in a sideways trend. Prices have been oscillating within a tight range between the $0.9641 and $0.9083 support levels. The RSI is indicating that the market is in equilibrium, while the MACD is in the process of making a bullish crossover.

The Stochastic RSI is in oversold territory and could see a rebound soon. The EMAs are all sloping upwards, which suggests that the market is currently in favor of the bulls.ALGO/USD market volatility is on the rise, as indicated by the Bollinger Bands. Moreover, the upper band of the Bollinger band is approaching the resistance level, which could see a breakout soon.

Algorand price analysis conclusion

The overall sentiment in the Algorand market is bearish, with prices seen testing the $0.8950 support level in the near future.ALGO/USD bulls need to break above $0.9641 and $0.9800 for a reversal to take place. Bears are targeting $0.8950 as the next key support level. However, the bulls seem to have some control over the market as prices have not fallen below the $0.9083 support level. A breakout above the resistance could see prices reach $1.0000 in the short term.

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