ALGO/USD Bulls Losing Grip on the Market

Algorand Price Prediction for Today, November 18: ALGO/USD Bulls Losing Grip on the Market
Algorand Price Prediction for Today, November 18: ALGO/USD Bulls Losing Grip on the Market

Join Our Telegram channel to stay up to date on breaking news coverage

Algorand Price Prediction for Today, November 18: ALGO/USD Bulls Losing Grip on the Market

 Bulls in the Algorand market are becoming increasingly unable to withstand bearish pressure. Towards the end of October, the market broke out of the consolidation period and it was a bullish price breakout. Traders have fixed the $0.5 price level as their target for the take-profit exercise. The bears become aggressive at the $0.5 level and as a result, we have a massive price decline within two days that brought the price to $0.264.

Algorand Market Price Statistic:

  • ALGO/USD price now: $0.29
  • ALGO/USD market cap: $2,024,481,940
  • ALGO/USD circulating supply:7.11B
  • ALGO/USD total supply: 7,327,468,306
  • ALGO/USD coin market ranking: #27

Key Levels

  • Resistance: $2.0, $2.5, $3.0
  • Support: $1.5, $1.0, $0.5

Algorand Market Price Analysis: The Indicators’ Point of View

 Buyers find a new support price of $0.264. This new support price is lower than the previous one which is at $0.306. The bull market encounters a lower resistance at around the previous support level of $0306. The matter gets worse for the buyers as the resistance shifts even lower to $0.282. And the bulls are becoming weaker as the market progresses, however, they held to the $0.264 support price. The lower band of the Bollinger indicator shows more activities to the downside than the upper band of the indicator. The RSI line shows a consolidation sentiment as the price momentum ranges below the equilibrium point which is precisely at 40.

ALGO/USD 4-Hour Chart Outlook

This smaller timeframe confirms the consolidation sentiment as the price action now moves along with the 20-day moving average horizontally. The Relative Strength Index portrays the price as being at equilibrium. The price is ranging at the midpoint of the market. The Bollinger indicator suggests that another price breakout may soon take place in the market as the two bands contract against the price action. The breakout may be to the downside because the bears have shown more strength than the bulls 

But, Dash 2 Trade (DT2) is a new token still in its presale stage. It has the prospect of a massive return on investment. The presale has so far raised about $6.5 million. This money is intended towards the development of its future platform. 

Related 

 

Dash 2 Trade – High Potential Presale

Dash 2 Trade
  • Active Presale Live Now – dash2trade.com
  • Native Token of Crypto Signals Ecosystem
  • KYC Verified & Audited

Dash 2 Trade


Join Our Telegram channel to stay up to date on breaking news coverage

Source: https://insidebitcoins.com/news/algorand-price-prediction-for-today-november-18-algo-usd-bulls-losing-grip-on-the-market