After recent strong bearish momentum, the price of Algorand (ALGO) has consolidated
The key reason for a cryptocurrency’s success in the market is usually its upward price trend. Algorand, according to this plot, has resisted it. As a result, ALGO has been unable to pull investors from their doldrums. ALGO’s journey south appears to be far from ended. The altcoin’s price has been decreasing on the charts since September. Unlike other cryptocurrencies, ALGO’s value did not increase in November, instead remaining steady.
By the end of December, the coin was in serious difficulty, and January had arrived. In actuality, movements in the bigger market during those two months aggravated Algorand’s issues. At the time of writing, it was 68 percent cheaper than ATH.
The Bears are hoping to make a strong comeback this season.
The stock of Algorand is now trading at $0.76, indicating that the company is poised to disappoint investors even more. All signals point to more red candles in the future, according to market activity. The white dots of the parabolic SAR will remain as long as they stay above the candles. The decline is being backed by the increased strength of the ADX, which is on the verge of breaking 25.0.
Furthermore, Algorand is currently in a bearish squeeze, implying that the price is likely to fall. As a result, Algorand’s price could drop as low as $0.68, or 11.36 percent, from its current level. Furthermore, investor behaviour and network data have recently been dismal. The volume of on-chain transactions has plummeted. Most investors aren’t eager to get engaged right now because there is no prospect of a turnaround.
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Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
