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Algorand Price Discounted 16% Amid Recent Sell-off; Buy This Dip Now?

Algorand

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Posted 6 hours ago

The price of Algorand looks sideways in the last three months. During this consolidation, the altcoin bounced off this support several times, confirming it as a strong accumulation zone. Furthermore, the recovery rally initiated from this support has seen a significant correction, falling to the $0.33 support. Thus, a coin chart showing a retracement sign at this support should provide traders with a good opportunity for a dip.

Key points from Algorand’s price analysis:

  • ALGO holders can see a brighter future if prices hold above the 50-day EMA in the coming weeks.
  • A long-lived daily candle predicts great potential for a bullish reversal.
  • The 24-hour exchange of Algorang coin is $195 million, which represents a gain of 5.87%.

Algorand price tableSource-Trading view

Algorand’s price action showed a bullish reversal rally that failed to sustain above the 100-day EMA at $0.40 due to increased selling pressure. A bullish failure leads to a 13% price drop back below the 100-day EMA and previous consolidation area.

The increase in intraday trading volume supporting the bearish correction rally threatens the bullish dominance at the 50-day EMA.

However, a lower price rejection on the daily candle signals a correction to local support at $0.33. This is why price action analysis points to a post-correction reversal.

Side buyers can find entry opportunities at current prices thanks to this long heart candle, finding support at the 50-day EMA and falling trading volume. A reversal rally may rise to $0.37, where it will face double resistance from the 100-day EMA and the $0.37 resistance level, which could prove to be a solid roadblock.

Nevertheless, a more encouraging trend could provide a bullish breakout, extending the uptrend to the $0.42 mark.

If the reversal fails, the price of Algorand may eventually lose the 50-day EMA and drop the price to $0.281.

Technical indicators:

DMI A sharp drop in the Algorand price sabotages the rising divergence of the DI lines, increasing the possibility of a bearish crossover.

RSI The daily RSI slope reversed from the overbought area and observed a significant decline. This retracement indicates that the previous aggressive buying has been established and prices may continue to rise.

  • Resistance levels: $0.37 and $0.42
  • Support levels: $0.33 and $0.28

For the last 5 years I have been working in journalism. I have been following Blockchain and cryptocurrency for the past 3 years. I have written on a variety of topics including fashion, beauty, entertainment and finance. raech me at brian(at)coingape.com

The presented content may contain the author’s personal opinion and is subject to the market situation. Do market research before investing in cryptocurrencies. Neither the author nor the publication is responsible for your personal financial loss.

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