The crypto industry has displayed a positive uptrend by adding over 7% to its valuation over the past day. Further, the Algorand price has displayed a jump of over 7% within the past day but has lost over 19% over the past week.
The ALGO price traded in a consolidated range between $0.1823 and $0.2080 for a brief period, following which the price gained momentum and jumped over 29% in its valuation.
After facing rejection at $0.2515, the ALGO coin price traded in a closed range between $0.2296 and $0.2413 for about a week. As the market volatility increased, the price displayed constant fluctuations between $0.2191 and $0.2413.
After multiple attempts to break out of the resistance level at $0.2413, the bulls lost momentum and recorded a correction of approximately 20%. Following this, the Algorand price traded sideways for a while, after which the bulls lost momentum, resulting in a drop of 7%.
Recently, the bulls regained momentum and jumped over 10% in value after which the price traded sideways with the help of $0.1942 as its support. The ALGO price experienced a trend reversal, resulting in the price losing its recent gains.
Negatively, the Cross EMA 50/200 day displays a Death Cross, indicating a strong bearish sentiment in the crypto market.
Will Algorand Regain Value?
The Relative Strength Index (RSI) displays a decline in the chart, indicating a bearish sentiment in the crypto space. Further, the averages show a bearish convergence, suggesting the price will continue losing momentum in the coming time.
If the bulls hold the price above the support level of $0.1823, the ALGO price will regain momentum and test its resistance level of $0.1942 soon. Maintaining the price at that level will set the stage for Algorand to attempt to test its upper resistance level of $0.2080 by the coming week.
Negatively, if the bears pull the price below the support level, the price will continue to lose momentum and test its support level of $0.1646. Moreover, if the bears continue to hold power, the price will plunge and prepare to test its lower support level of $0.150 by the weekend.
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