Algorand Price Prediction – May 18
The current trading outlook reveals that the ALGO market is downing slowly against the market worth of the US fiat currency as it touched a point around the $0.50 line after swinging briefly from a previous lower trading spot. Price is trading at a 9.92 minus percentage rate around the $0.44 value line.
Algorand (ALGO) Price Statistics:
ALGO price now – $0.4462
ALGO market cap – $3.1 billion
ALGO circulating supply – 6.8 billion
ALGO total supply – 7.2 billion
Coinmarketcap ranking – #27
ALGO/USD Market
Key Levels:
Resistance levels: $0.60, $0.80, $1.00
Support levels: $0.40, $0.30, $0.20
ALGO/USD – Daily Chart
The daily chart shows that ALGO market operation is downing slowly from a high point not too far to the lower bearish channel trend line drawn. The 14-day SMA indicator is closely beneath the upper bearish channel trend line. And they are both underneath the 50-day SMA indicator. The Stochastic Oscillators are somewhat slantingly positioned northbound between the 40 and 20 range lines. They attempt closing their lines to signify that a falling pressure is ongoing on a lighter mode.
Will the ALGO/USD market resumes downing on a higher mode soon?
As the ALGO/USD market is downing slowly, presently may not on a higher mode soon based on the outlook that the price has once reached a lowly trading zone to spring upward back to its current trading area. It is technically to stay alert by long-position placers to ride on an active returning motion from the downing sign to the upside. Late execution of orders should avoid not overburdening position size on the account balance.
On the downside of the technical analysis, the ALGO/USD market short-position placers should be wary of a sudden reversal against the downing motion that seems to be coming forth in a lighter mode. A bearish candlestick that has to occur against the $0.40 will have to finish as a full-body to create a sustainable downing wall for the subsequent sessions. Nevertheless, the current spot of trading appears, heading toward creating a whipsawed situation in no time against bears.
ALGO/BTC Price Analysis
In comparison, Algorand appears, losing its stance on Bitcoin underneath the trend lines of the SMAs. The 14-day SMA indicator is underneath the 50-day SMA indicator. The Stochastic Oscillators are down to the 20 range from the overbought region. And they are seemingly trying to clog their movements around the range value point. It seems the base crypto may be getting its lost momentum against its counter crypto in the next round of volatile price actions positively.
Looking to buy or trade Algorand (Algo) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider.
Read more:
Source: https://insidebitcoins.com/news/algorand-price-prediction-algo-is-downing-slowly