Algorand

Impact

Momentum

Million

<ul class="list-ic vertical">
 <li>1 <a>Algorand (ALGO) was rejected from the 20 day EMA.</a></li>
 <li>2 <a>Buyers have not gained momentum yet, and are struggling to cross the $0.2000 mark.</a></li>
</ul>
The Algorand (ALGO) price action looks bearish and depicts range-bound moves throughout the month. Over the past few weeks, a decline in the buying interest was noted, which led to price consolidation.
Meanwhile, the ALGO coin struggles to surpass the key 20 day EMA mark and witnesses nominal changes.
Amidst the market volatility, Algorand coin might continue to hover in range and might retest the prompt hurdle of $0.2400 mark.
At press time, ALGO traded at $0.1982 with an intraday drop of 0.18%, reflecting neutrality on the charts. It has a monthly return ratio of -3.20% and 25.20% yearly.
The pair of ALGO/BTC is at 0.00000281 BTC, and the market cap is $1.57 Billion. Analysts are neutral and suggest that the ALGO may continue to consolidate in range and will stay below its supply mark of $0.2600 ahead.
<h2 class="wp-block-heading" id="strong-unveiling-the-potential-of-algorand-strong">Unveiling the Potential of Algorand</h2>
For weeks, the ALGO stayed in a narrow range and a decline in the investor interest was noted.&nbsp; Followed by the market correction, the coin has corrected over 18% last month.
Meanwhile, the coin depicts neutrality and looks to shoot up the gains above the $0.2400 mark ahead. <iframe loading="lazy" title="Santiment Chart: Price (ALGO), Volume (ALGO)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=ethereum&amp;pt=ETH&amp;df=2023-11-28T18%3A29%3A59.956Z&amp;dt=2024-05-28T18%3A29%3A59.956Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Balgorand%3BALGO%5D%3B%5B1%3Bvolume_usd%3Balgorand%3BALGO%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
Source: Santiment
Amidst the range bound price moves, the intraday trading volume surged over 62.30% to $71.19 Million. <a href="https://www.thecoinrepublic.com/2023/08/10/algo-coin-price-prediction-2023-can-algorand-rise-upto-1-mark/" target="_blank" rel="noopener noreferrer nofollow">ALGO coin</a> ranked at 68 per the market cap and has a total supply value of 8.17 billion.
The Momentum Indicator (RSI) curve stays above the midline region, noting around 55, and a positive crossover was noted.
<h3 class="wp-block-heading" id="strong-could-decline-in-social-dominance-and-development-activity-impact-algo-price-strong">Could Decline In Social Dominance and Development Activity Impact ALGO Price?</h3>
Per the Santiment data, the social dominance data noted a downmove and witnessing a decline for the past sessions. Despite the range bound price moves, ALGO coin has lost its popularity and signifies a drop in the media discussion reports. <iframe loading="lazy" title="Santiment Chart: Social Dominance (ALGO), Development Activity (ALGO)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=ethereum&amp;pt=ETH&amp;df=2023-11-28T18%3A29%3A59.956Z&amp;dt=2024-05-28T18%3A29%3A59.956Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_dominance_total%3Balgorand%3BALGO%5D%3B%5B1%3Bdev_activity%3Balgorand%3BALGO%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
Source: Santiment
Additionally, the development activity stays in the downside region and conveys a drop in investor speculation.
The development activity dropped over 12% to 17.02 mark, hinting the decline.
In a recent tweet by @Crypto Rand, Algorand might showcase a significant reversal soon.
<center>
 <blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24ALGO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ALGO</a> pushing for the bullish reversal <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/7jiyyWVgSp" rel="noopener noreferrer nofollow">pic.twitter.com/7jiyyWVgSp</a>— Crypto Rand (@crypto_rand) <a href="https://twitter.com/crypto_rand/status/1795162100169572838?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 27, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
Source: X
<h4 class="wp-block-heading">Futures OI Data Outlook</h4>
The futures derivative data revealed a constant movement and the open interest data looked neutral.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="234" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-367-1024x234.png" alt="" class="wp-image-207233" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-367-1024x234.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-367-300x69.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-367-768x176.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-367-750x172.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-367-1140x261.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-367.png 1430w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
Source: coinglass
The open interest data increased over 0.77% to $44.24 Million in the last 24 hrs, revealing a decline in the buying interest.
The immediate support levels for the Algorand (ALGO) is $0.1850 and $0.1700 whereas the key upside hurdle is around $0.2000, followed by $0.2100
<h3 class="wp-block-heading" id="strong-conclusion-strong">Conclusion</h3>
The Algorand (ALGO) price stays in range and depicts range bound movements for the past weeks. Meanwhile, the breakout is still on the cards and the coin might unlock a sharp up move ahead.

Algorand (ALGO) Price Hovers In Range: Can It Sustain At $0.1500?

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