- The price of ALGO is trading at $41.57.
- The ALGO price increased by +0.44% in the last 24 hours.
- The ALGO year-to-date return is +108.14%.
Monthly Trend Analyzation
This month the trend was bearish as the price was up by 20.21%. We can say that ALGO is underperforming by direction and price information history.
All-Time History Analyzation
The ALGO coin’s value plummeted by more than 95% in all-time history, giving bad returns to the investors’ money and wiping out the investors’ money. The market mood is bleak, and there is a lack of demand or trading activity for the coin. This may explain why the currency has performed so poorly.
In 1-D Timeframe
Trendline Analyzation
As per the trendline, it respected multiple support and rejection very well, taking exactly from the drawn trendline on the chart. Recently as observed on the chart, it took help from the support zone due to less volume on the coin. The price did not move upward with good momentum and stayed below EMA’s, which are also resisting the cost. Therefore, it can be interpreted that the coin has a significant resistance above. It needs a considerable amount of volume to give good momentum to the cash. We can observe that it took support exactly from our support zone very effectively. The price can climb even further if the bears destroy this support zone. Therefore, it can reach $0.09 soon, the nearest significant support.
Supertrend
This indicator works well with the help of just two parameters: period and multiplier. At period value 20 and multiplier value 2, it shows the continuous trend if it’s bullish or bearish. As shown in the chart, it’s bearish.
MACD
On the day of writing, the MACD line is already on the negative side, and the signal line is also on the negative side of the MACD indicator. This highlights that the trend may continue downward. The indicator shows a bullish crossover since it occurs in hostile territory or below the zero line; we can not accept it as a healthy hint. Hence, it can be inferred the price may fall soon.
EMA
The price is going up on the 1D chart. It is below the 30, 50, 100 & 200 EMA (exponential moving average), resisting the trend and pushing it downwards. The sellers are more potent than the buyers, which shows that the price is unable to reach above resistance levels as resistance is high by the bears. The price has to go up and stay above the 30, 50, 100 & 200 EMA to change the direction. Hence, it can be inferred that the price might fall soon if support is destroyed.
Volume Analyzation
The amount of ALGO traded in a day is $38562481. The trading activity is comparatively good in ALGO,, which is why the price is now taking support from the support zone. Also, we can observe on the volume graph that there is no such volume that can support price on a long-term basis. It can push the price up if considerable importance comes in the future; if book fails the coin, then we can see its upcoming fall. Hence, it can be inferred that the price can fall if book breaks by the slightest amount.
Conclusion
The ALGO coin price, as per the price action, is bearish. Currently, the technical parameters indicate bearish pressure in the upcoming trading days. The sentiments of investors and traders are bearish.
Technical Levels:
- The Nearest Support level is $37.85.
- The Nearest Resistance Level is $53.84.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
