Algorand price analysis: Price backslides to $1.35 as bears retain their lead

TL;DR Breakdown

• The Algorand price analysis is bearish today.
• Support for ALGO is present at $1.21.
• The resistance is found at $1.39.

The Algorand price analysis reveals that the price has been following a downward movement for the past few days, as the bears have constantly been striving for lead, and the bearish pressure weighs on the price function. The short-term trending line is also descending as a regular decline in price has been taking place for the past five days. The price has been lowered down to the $1.35 level as a result of the latest bearish strike. Further downfall in price is to be expected in the approaching hours as well.

ALGO/USD 1-day price chart: Cryptocurrency value depreciates up to $1.35 degree

The one-day Algorand price analysis shows that the price has been following a decreasing trend for the past few days. Although there have been instances where the bulls tried to take over the market, the overall trends have been in favor of the sellers. A substantial decline in ALGO/USD value has been recorded in the last 24 hours, as well as the price moved down to $1.35. The moving average (MA) is relatively at a stable position, i.e., $1.60, and the SMA 20 curve has been traveling higher than the SMA 50 curve, but today SMA20 has been reported traveling downwards.

The volatility has been high, with the upper Bollinger band value at the $1.83 mark and the lower Bollinger band value at the $1.28 mark representing support. The Relative Strength Index (RSI) score has dropped down to the index 40 levels as well as sellers have blasted the market again.

Algorand price analysis: Recent developments and further technical indications

The 4-hour Algorand price analysis shows a considerable decline in ALGO/USD price has been observed during the last few hours. The price has gone below the $1.45 support as well, as a result of the constant bearish pressure. The latest downturn in price has lowered it to the $1.35 level, which has proved to be quite damaging for the overall coin value. The decreasing trend has taken the price below the moving average value, i.e., $1.43 as well.

Now the Bollinger bands average is at $1.50 point, whereas the upper Bollinger band is resting at $1.69, and the lower Bollinger band is at $1.31. The RSI curve has covered downward movement as well, and the score is now touching index 29 in the undersold zone, which is another strong bearish indication.

Algorand price analysis conclusion

The one-day and four hours Algorand price analysis is confirming a downtrend for the day, as the price has undergone a significant decrease in the last 24-hours. Bears have been leading the price charts for the past few days, and even today, a downward tendency has been shown by ALGO/USD. A further drop in price should be expected as the hourly price chart is showing negative signs as well.

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