Algorand Breaks Below $0.2324 as Bearish Pressure Overpowers the Market By CoinEdition

Algorand broke below $0.2324 as bearish pressures overwhelmed the market
  • Algorand (ALGO) is trading at $0.2324 which is down 2.94 percent at the time of writing.
  • The Algorand trend is approaching a 24-hour high of $0.2394, with a 24-hour low of $0.2265.
  • The 24-hour trading volume is now $77 million, which is down 29.52% from the previous day.

Algorand (ALGO) token reveals that the cryptocurrency is facing a downtrend today as the bears are in control of the market and are likely to maintain their momentum. The bears caused the price to drop to the $0.2324 level. We see resistance for the pair at the $0.2390 and $0.2394 levels. If the resistance level is breached, it could lead to a rise in prices again. On the other hand, if the bulls fail to break through the resistance level, it may lead to a further decline in the price.

Looking at the indicators on the daily chart, the market is showing a negative sign as the price is moving downwards. The bears are dragging the price levels and still managing to hold it as the price has dropped to $0.2324 for the time being. The MA 50 and MA 200 are both bearish because they are both below the current market price. This indicates that the bears are in control of the market.

Algorand emerged after breaking below $0.2324 as bearish stress in the market first appeared in the coin issuance.

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