The ALGO price is at present trading near its current support zone. It is observing 31% in its value after facing rejection from $0.2500 and making a bearish double-bottom pattern. The price will require substantial buyer support in order to make a positive recovery from the current levels. It is currently trading near an important support level if the buyers propel the price up in the near future it can make a recovery of 25% within the next few weeks.
A Sudden Spike in Youtube Volume Regarding ALGO Token
The investor’s sentiments regarding the ALGO Price tokens are seeing a sharp decline in bullish sentiments. According to LunarCrush, a slight decline of 15% in total bullish sentiment has been observed across multiple social media platforms. Though despite seeing a negative increment in most of the parameters, YouTube has surged significantly which suggests that the community is heavily engaged regarding ALGO coin across YouTube.The total YouTube volume has increased by 566.7% within the last few weeks.
Decrease in Total Value Locked of XLM Token
Source: ALGO/USDT by DefiLama
The TVL of the ALGO coin is moving on an uptrend as illustrated in the above picture. The increase in TVL is indicating that the buyers are getting more positive regarding the token. Though at present, it is observing a slight decline in value. However, it is yet to break below its previous support zone. The current TVL of ALGO is 118.48M with a change in 24-hour volume of -1.76%.
A sharp increase in the number of active users of ALGO has been detected in recent weeks. The recent value of active users is 69.35K.
Technical Analysis (1 Day Timeframe)
The RSI line is currently taking support from the 14 SMA. Recently, after taking a reversal from the oversold zone the RSI line gave a positive interception to 14 SMA at present it is taking a retest through it. The current RSI value is 36.40 points while the 14 line is trending around 36.00 points.
The %K line recently gave a bearish interception to the %D line on the daily timeframe. Stochastic RSI is trading above the median line where. The present value of Stochastic RSI is 49.69 points.
Conclusion
The technical indicators are currently supporting the sellers on the bigger timeframes. The ALGO Price is at present trading under all the major EMA levels, whereas, the Oscillators are presenting a contrasting view from each other regarding the future trend.
Technical levels –
Support – $0.1500
Resistance – $0.2200 and 0.$2400
Disclaimer
The views and opinions stated by the author, or any people named in this article about ALGO price, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/22/algo-price-analysis-will-it-make-another-attempt-to-rebound/