Algorand Price Prediction: Can ALGO Reverse Its Fortunes?

The Algorand Crypto is following the bearish trend and it might get a reversal.
The ALGO is currently trading at $0.2979 with a drop of 2.09% during the intraday trading session
The pair of ALGO/BTC is currently at 0.000008332 BTC with a decrease of 2.80% in the last 24 hours

Algorand has been facing highs and lows since the start of the financial year 2023. The coin had regained its full potential and now the coin is moving closer toward the bearish trend. The bulls tried to enter the trade but the bears repelled their move. They have not given a tough time to the bulls to enter the trade somehow bulls have to manage to enter the trade. Although buyers again attempted to enter the trade, bears still dominate the ALGO.

The current price of Algorand is surfing around $0.2979 and has dropped by

approx 2.09% during the intraday trading session. The pair of ALGO/BTC is around 0.000008332 BTC with a decrease of 2.80% in the last 24 hours. The bears must act immediately. As the bears have pushed the price of the coin in their court but to bring the price back to the bull’s court the bears have tried to enter the trade bears b2902eat the bull’s plan but bears are trying to bring the price to catch some downward momentum.

If the coin gains some upward trend the price may strengthen up to the primary resistance of $0.0.2902 and if the bulls succeed in their further plans and the bears will stay still then the price may reach up to the secondary resistance of $0.4289. However, if the ongoing bearish trend persists the price will go to the primary support level of $0.1833. And the price may reach the secondary support of approximately $0.1625.

There has been a decrease in volume of almost 33.85%. The volume has been steadily decreasing which indicates that the short-selling pressure is increasing on the coin, and buyers are working too hard to decrease the selling pressure.

The technical analysis of ALGO

The technical indicator shows the following: The Relative Strength Index might head toward neutrality. The current RSI is in the oversold zone, the current RSI is 41.45 and the average RSI is 35.81. The price of the coin is below the 50,100,200 Daily Moving Average. The MACD and MACD signal have intersected giving a positive crossover. Algo investors are eagerly waiting for any directional change over the chart.

Conclusion

The current market trend of the Algo is bearish. Algorand has been facing highs and lows since the start of the financial year 2023. The ALGO is currently trading at $0.2979 with a drop of 2.09% during the intraday trading session. The investors are still waiting for any movement over the daily price chart of Algo Crypto.

Technical Levels

Support Levels: $0.1833 and $0.1625

Resistance Levels: $0.2902 and $0.4289

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.