- Price drops again as optimism about a price recovery wanes.
- In the downturn, Algorand (ALGO) market prices plummet by 1.73 %.
- Indicators show that bulls still have a chance to recover.
Positive momentum reigned at the start of the day, however this bullish momentum was short-lived in the Algorand (ALGO) market, as prices encountered stiff resistance at $0.1951, the intra-day high.
In recent hours, the market’s bear grip has tightened as the price has fallen by 1.73% to $0.1889. The fall in market capitalization and trading volume of 1.59% to $1,355,324,657 and 49.76% to $52,389,956 correspondingly supports this recession.
Bands on Keltner Channels are descending, with the upper band at 0.2008 and the lower band at 0.1867; this shows that the ALGO market is depressed and the bears’ power is growing.
At 0.6278, the Coppock curve is rising, indicating that the negative trend is losing momentum. As the bulls are applying pressure to invalidate the trend, this is good news for traders in ALGO.
The MACD blue line, which moves in the negative area with a value of -0.0041, further validates this negative momentum; however, since it is going above the signal line and the histogram is trending in the positive zone, this bear market may be invalidated as these are bullish indications.
The current reading of 35.30 on the Relative Strength Index (RSI) displays a declining gradient that is getting close to the oversold region “20”, suggesting potential for ALGO to continue with this trend. According to this action, the bears’ hold on the ALGO market might be prolonged in the near future.
Overall, the bulls must boost prices to invalidate the falling pattern and reverse the present trend.
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