- For the past several days, the Algorand coin has been trading in a horizontal range between the $0.28 and $0.36 support and resistance levels.
- ALGO speculators saw aggressive buying, meanwhile, with trading volume increasing by 61% over the past 24 hours.
- Algorand pair price with bitcoin is trading up 5.5% in green zone, at 0.00001586 Satoshis.
Algorand is weakening near its recent bottom, meanwhile, bears have been following a sell-off growth technique for the past several months. Thus, ALGO investors witnessed a 52-week low of $0.2765 on 18 June.
Since BTC has been fluctuating near $20K for more than two weeks. Therefore, Algorand coin trades in a horizontal range between $0.28 and $0.36 support and resistance. The ALGO coin recently reversed from the support level, so buyers have a chance to push the altocin price towards the resistance area.
Algorand bulls have several bullish odds if they really want a bullish rally. At the time of writing, the Algorand coin was trading at the $0.31 mark during the consolidation.
According to CMC’s 24-hour data, the market for ALGO coin is in the green zone, up 8.8% from $2.1 billion. Meanwhile, the price of Algorand pairing with bitcoin is trading up 5.5% in the green zone, at 0.00001586 satoshis.
Despite a range-bound market, trading volume gradually increases. ALGO speculators saw aggressive buying, meanwhile, with trading volume increasing by 61% over the past 24 hours.
Technical indicators shows weakness in ALGO coin
The Stoch RSI along with the simple RSI indicator shows a bearish trend for Algorand coin in the context of the daily price chart.
Furthermore, the ADX indicator fell significantly, showing excessive sideways movement for the Algorand coin.
conclusion
Market Leader – Bitcoin Falls Below 20K Again Today, If BTC Corrects below Current Levels, It Will Lead To Further Trend For The Whole Altcoins. And ALgorand coin may see another drop.
Support level- $0.28 and $0.20
Resistance level- $0.35 and $0.42
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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