Algorand

Resistance

Coin

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>The Algorand network coin’s price decreased by 7.93% over the last week and it is trading below all major EMA’s.</a> </li> 
 <li> <span>2</span> <a>The price of the ALGO coin is trading at $78.69 and the 52-week range is $0.098 – $0.164. </a> </li> 
</ul> 
<p>The ALGO coin has not performed well in the last month, decreasing by 14.09% and by 62.38% in the last six months. Algorand Network (BITSTAMP: ALGO) coin has a negative year-to-date return of 40.03% and a negative one-year return of 70.95%.</p> 
<p>Algorand Network crypto declined by 2.35% in market value and by 12.62% in trading volume in the last past day, as per Coinmarketcap, a crypto data analysis website. Its market value is $806,178,564 and its trading volume is $49,251,962. There are 7,825,705,049 ALGO in circulation.</p> 
<p>Algorand coin’s (ALGO) open interest is $28.48 Million. As per Coinglass, another crypto analysis website, it fell by 8.81% in the previous session. The long versus short ratio for 24 hours is 0.9253. The short liquidation is $4.3K versus $247.33 K for the long liquidation.</p> 
<h2 class="wp-block-heading" id="strong-algorand-price-technical-analysis-in-the-1-day-timeframe-strong"><strong>Algorand Price Technical Analysis in the 1-Day Timeframe</strong></h2> 
<p>ALGO coin price movement showed a downward trend for the last three months, falling by 37.39% during this period.&nbsp;</p> 
<p>At the time of publication, the ALGO Coin price is trading at $0.10309, and the price is facing selling pressure and the recent nearest resistance is around $0.12237, if more selling volume adds then the breakdown might drag the price towards new all-time lows.</p> 
<p>Therefore, if it fails to maintain the current level. The ALGO coin price could continue to move downwards and reach the nearest support all-time support at $0.09853</p> 
<p>However, if the ALGO Coin price sustains the current level and rises, then it might hit the nearest resistance levels of $0.12236 and $0.13977.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/ui3SHPs3wqPsWTSEexxyE-8os8eY0FwMKeb07EZzGDo9DxtBrw2efbwdQKOwilZdtNOQdjTdP4w0-CMVl6gl-JgYCLwETnVGE1HayO382g_RXpUtvLRZB5P2M08hziBb8iu_K9JI9bQboTd68q23T-Y" alt="Algorand Price Prediction 2023: Will ALGO Price Keep Declining?"> 
  <figcaption class="wp-element-caption">
    Source: ALGO/BUSD.1D.BITSTAMP by TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>At the time of publishing, the<a href="https://www.thecoinrepublic.com/2023/08/10/algo-coin-price-prediction-2023-can-algorand-rise-upto-1-mark/" rel="noopener noreferrer nofollow"> ALGO coin price (BITSTAMP: ALGO) </a>is trading under the 20, 50, 100, and 200-day EMAs (exponential moving averages), which is throwing the ALGO Coin price trend down.&nbsp;</p> 
<p>Hence, ALGO Coin price prediction estimates the prices to move downwards, indicating a bearish outlook over the daily time frame chart for its price.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/15m_r20MU-MbUqp4w0ShKpVGSy2a65WszqQFpuGMJ6QRm-qxgve8Aq90tz_OHyondRSZj59clnzrSYJhZHWnol_gixXz6AtoQ9NTpaIhh2idYQwKeaS5B8Yxii3J5UIJmBvP4g2FBKy3Vv1BTk8UcZQ" alt="Algorand Price Prediction 2023: Will ALGO Price Keep Declining?"> 
  <figcaption class="wp-element-caption">
    Source: ALGO/BUSD.1D.BITSTAMP by TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>The MACD line at 0.00152 and the signal line at 0.00101 is below the zero line both lines crossed down to each other and a bearish crossover is observed in the MACD oscillator, suggesting bearish signals. The current value of the RSI is 36.63 points and the 14-day SMA is below the median line at 47.26 points, which indicates bearish sentiments as RSI took rejection on the 14 SMA line and headed for the oversold zone in the market for the ALGO coin and highlighting bearishness.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p><a href="https://www.thecoinrepublic.com/2023/08/10/algo-coin-price-prediction-2023-can-algorand-rise-upto-1-mark/" rel="noopener noreferrer nofollow">ALGO coin price prediction</a> highlights the bearish sentiments and perspectives regarding the ALGO coin in the daily time frame. Algorand price action highlights a bearish view at the time of publishing. Moreover, the technical parameters of the Algorand price suggest the continuation of the downtrend over the daily time frame chart. Major reliable and trustworthy indicators MACD, RSI, and EMA, suggest bearish signals regarding the ALGO coin price.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels:</strong></h4> 
<ul> 
 <li><strong>Support levels: </strong>The nearest support level with all-time support at $0.09853.</li> 
 <li><strong>Resistance levels: </strong>The nearest resistance levels are $0.12236 and $0.13977.</li> 
</ul> 
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4> 
<p>In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.</p>

Algorand Price Prediction 2023: Will ALGO Price Keep Declining?

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Thecoinrepublic.com

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