ALGO/USD set to break below the daily support found at $0.90

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 is a distributed ledger technology that offers secure and fast transactions. The Algorand price has been on a downtrend over the past few months, with prices dipping below the $1 mark. ALGO prices have sought support at $0.9039 and have declined by 1.03 percent over the

Algorand (ALGO) is a distributed ledger technology that offers secure and fast transactions. The Algorand price has been on a downtrend over the past few months, with prices dipping below the $1 mark. ALGO prices have sought support at $0.9039 and have declined by 1.03 percent over the past 24 hours. The downtrend is likely to continue in the near future, with prices expected to dip further below $0.90.

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

The Algorand price is in a downtrend on both the 1-day and 1-hour price charts. ALGO prices have consolidated near the $0.9441 mark and are preparing for a bullish reversal. A breakout above the $0.9441 resistance could indicate a bullish reversal and could lead to a rally in ALGO prices. The key resistance levels to watch out for are $0.9812 and $1.0650.ALGO/USD 1-day price chart, source: TradingView

The 1-day price chart shows a strong sell-off, with the RSI at 33 and the MACD showing a negative crossover. The MACD is displaying a negative crossover, indicating more losses in prices. The Stochastic RSI is also in oversold territory, which may signal a reversal soon. Furthermore, all of the EMAs are sloping downwards, indicating that the sell-off is likely to continue in the near future.

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

The bulls are in control, and they must break past the $0.9641 and $0.9800 resistance levels for a reversal to occur. The Algorand price chart on the 4-hour time frame shows that the market is currently in a sideways trend. Between the $0.9641 and $0.9083 support levels, the bulls are in control and must break past the $0.9641 and $0.9800 resistance levels for a reversal to occur. If the bears manage to break below the $0.9083 support level, then prices could decline further to the next support level at $0.8500.

ALGO/USD 4-hour price chart, source: TradingView

Algorand price analysis: conclusion

The mood in the Algorand market is bearish, with prices expected to test the $0.8950 support level in the near future. Bulls need to clear $0.9641 and $0.9800 to begin a reversal. The key support level at $0.8950 is being eyed by bears as a potential downtrend likely to continue in near future, with prices dipping below $0.90.

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