ALGO prices bleed to new lows of $0.7163 as demand plummets

TL;DR Breakdown

• Algorand price analysis is bearish
• ALGO prices have declined by 8.29 percent
• Support for ALGO prices is present at $0.7066

ALGO prices have been on a downward spiral over the past few days as market sentiment continues to turn bearish. The cryptocurrency is currently trading at $0.7201, which is a new recorded in the last 24 hours. The sell-off in ALGO prices can be attributed to a number of factors. One of the primary reasons is the overall bearishness in the cryptocurrency market. Bitcoin, which is the largest cryptocurrency by market capitalization, has been on a losing streak over the past few days. This has led to a domino effect and a sell-off in most altcoins, including ALGO.

Algorand prices have been hovering around a range of $0.7066 to$0.7894 while the trading volume is currently sitting at $159,627,497.50.Algorand prices have sought support at $0.7066 while the resistance is found at $0.7894.Algo prices have suffered a decline of 8.42 percent in the last 24 hours. The market cap of Algorand is currently at $ $4,799,460,587.043and ALGO prices are trading hands at $0.7163 as of writing.

Algorand price analysis on a 1-day price chart: Bears put up a firm fight

Algorand’s 1-day price chart shows that prices have been on a downtrend for the past few days. The bearishness in the market can be seen by the presence of lower highs and lower lows. The MACD indicator is currently in the bearish zone, which indicates that the selling pressure is likely to continue in the market. The RSI indicator is currently at 36.53, which indicates that the market is oversold.

Algorand market volatility is decreasing as the Bollinger bands are converging. This indicates that the market is range-bound and we can expect prices to remain within the current range in the near future.

Algorand price analysis on a 4-hour price chart: Recent developments and further technical indications

Algorand’s 4-hour price chart shows that the market has been on a downtrend since the beginning of this month. The selling pressure increased in the market after prices failed to sustain the $0.8 level. The recent decline in prices can be attributed to the overall bearishness in the cryptocurrency market.

The MACD line is currently signaling a bearish crossover as the signal line is about to cross below the MACD line. This indicates that the selling pressure is likely to continue in the market in the near future. The RSI indicator is currently at 39.48, which indicates that the market is oversold.

The Bollinger bands are now converging, suggesting that the market is range-bound. In the near future, we may anticipate prices to remain in the current range.

Algorand price analysis conclusion

Today Algorand’s price analysis is bearish which indicates that the selling pressure is likely to continue. The bears seem to be targeting the $0.70 level as their next major support. On the other hand, if the bulls can defend the $0.70 level, we may see prices retrace back to the $0.80 level in the near future. The overall market sentiment is bearish and is expected to remain so in the near future.

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