What’s Next As Algorand Price Remains Congested

Name	Symbol	Market	Market Cap ($)	Algorithm
Algorand	ALGOUSD	Crypto	1,627,411,866	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Algorand

ALGOUSD

Crypto

1,627,411,866

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0092	-4.35%	0.2022	0.2021	0.2023

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.0092

-4.35%

0.2022

0.2021

0.2023

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.2171	0.1983	0.2074	0.2114	0.081290 - 0.329600

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.2171

0.1983

0.2074

0.2114

0.081290 - 0.329600

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	09:10:02	135.90	0.2022	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

09:10:02

135.90

0.2022

USD

Price x Volume	Volume	Base Symbol	Related Pairs
2,551,945.00	12,499,907.18	ALGO	ALGOEUR	ALGOGBP	ALGOBTC

Price x Volume

Volume

Base Symbol

Related Pairs

2,551,945.00

12,499,907.18

What’s Next As Algorand Price Remains Congested

29/11/2022 7:52pm

NEWSBTC

Algorand price continues to pack negative price action throughout the month of November. The altcoin has depreciated by more than 40% since the beginning of this month. Over the last 24 hours, ALGO has just risen by 0.6% on its chart, emphasizing continued lateral price movement. Currently, the coin has been stuck at a crucial resistance level. The technical outlook points in a direction where ALGO might not make a price comeback soon enough. The buying pressure has dropped considerably, which has reflected the fact that the coin has been undergoing a massive sell-off. If Algorand is to come under bullish influence, buyers have to immediately re-enter the market. The asset’s price action is expected to become even more congested at the $0.20 level if the bears halt movement above the $0.23 mark again. It remains to be seen if Algorand reclaims the $0.24 price level. Related Reading: Celo Sees 20% Gains In Last Week As The Broader Crypto Market Retreats Algorand Price Analysis: One-Day Chart ALGO was auctioned at $0.23 at the time of writing. The overhead price ceiling was $0.24, and the altcoin faced rejection every time it inched toward that zone. With the massive sell-off, Algorand can lose the $0.23 price level and pierce through the $0.22 mark to sit on $0.20 for some time. The altcoin can be expected to trade at $0.22 for some time before it targets $0.20, and if buyers return, ALGO can trace upwards from the $0.22 price mark. The amount of Algorand traded in the past session decreased, highlighting the sell-off. Technical Analysis For most of this month, Algorand’s price has witnessed the pull of the sellers. Algorand was overvalued at the beginning of the month, although the bulls could not hold onto the price momentum. The Relative Strength Index was below the 40 mark, which signifies that the asset was even below the neutral zone, indicating that buying strength was weak. Corresponding to the same reading, ALGO remained under the 20-Simple Moving Average (SMA). If the price of the coin moves above the 20-SMA, then the bearish thesis could be invalidated. According to the 20-SMA reading, sellers were driving the price momentum. On the 24-hour chart, ALGO’s Moving Average Convergence Divergence (MACD) shows the price trend and the chance of a momentum reversal. MACD continued to form red signal bars, which were signs for investors to sell the asset. The Directional Movement Index (DMI) indicates the strength of the price direction. DMI was negative as the -DI line (orange) was above the +DI line (blue). The Average Directional Index (red) was also above the 20-mark, meaning that the current price momentum was gathering strength. Related Reading: Dogecoin Rises: Over 60% Of Holders Continue To Profit Despite FTX Nightmare Featured image from LeewayHertz, Chart: TradingView.com

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ALGOUSD Algorand