The rumble in the crypto market is still there. While some of the cryptocurrencies are witnessing The bullish trend, some are with the bearish trend. Recently, the Algorand price analysis shows that it moved down to $0.900 and lies at the $0.910 support level. The reports suggest that price action declined at the $1.10 mark.
It is expected to show movement downwards across the short term. The report also adds that most major cryptocurrencies observe negative price movements in the last 24 hours as SOL and AVAX recorded a 9.00 and a 7.76% decline.
ALGO price observes net bearish activity
ALGO price started a downward trend, becoming a major concern for cryptocurrency investors. Reports suggest an increasing bearish momentum over the past few days as price crashes below the $0.9500 mark, causing a steady price decay. As a consequence, the EMAs are currently trading at a low level.
The RSI moved downward from 30.97 index units. Once the price lies in the zone, the indicator would transmit a buy signal indicating an undervalued ALGO price, suggests the report from Cryptopolitan.
Across the technical indicators, the Bollinger Bands are currently wide, increasing ALGO’s short-term volatility and the decrease in support to the $0.9118 mark. Additionally, there is a strong upward trend to defend the $0.9000 mark.
Technical Indicators suggestions for ALGO
The 4-hour Algorand price analysis suggests that 14 indicators support bulls while 3 supports bears. This shows a low bullish presence of the price. When it did the 24-hour Algorand price analysis, it showed overall downwards movement and reaffirmed the bearish dominance.
Expectation for traders
According to the report, the price action of Algorand spiked to the $1.100 mark. The bullish trend failed to gain momentum and fell back to the $0.900 mark, where it is currently consolidating. According to the technical analysis, traders should expect the price to move down at the support level of $0.900, with a bearish trend expected in the near future.
