- Over the past few days, Algorand coins have been trading in the horizontal range between $ 0.28 and $ 0.36 support and resistance levels.
- Meanwhile, ALGO speculators have seen aggressive buying and trading volumes have increased by 61% in the last 24 hours.
- The price of the Algorand pair with Bitcoin rose 5.5% in the green zone to 0.00001586 Satoshi.
Algorand has been weakening near the bottom these days, while bears have been following sold-out growth techniques for the past few months. therefore, Argo Investors witnessed a 52-week low of $ 0.2765 on June 18.
BTC has fluctuated by nearly $ 20,000 for more than two weeks. Therefore, Algorand coins trade in the horizontal range between $ 0.28 and $ 0.36 support and resistance. With ALGO coins recently reversing from support levels, buyers have the opportunity to push Altosin prices into the resistance area.
Algorand bulls have some bullish odds if they really want a bullish rally. At the time of writing, Algorand Coin was trading at $ 0.31 during the integration.
According to CMC’s 24-hour data ALGO coin Located in the green zone, it is up 8.8% from $ 2.1 billion. Meanwhile, the price of Algorand paired with Bitcoin rose 5.5% in the green zone to 0.00001586 Satoshi.
Despite the rangebound market, trading volumes will gradually increase. Meanwhile, ALGO speculators have seen aggressive buying and trading volumes have increased by 61% in the last 24 hours.
Technical indicators show the weakness of ALGO coins
The Stoch RSI and the simple RSI indicator show the bearish trend of the Algorand coin in the context of the daily chart.
In addition, the ADX indicator dropped significantly, indicating excessive lateral movement of the Algorand coin.
Conclusion
Market Leader-Bitcoin is still below 20K, and if BTC falls below current levels, it will lead to further trends in altcoin as a whole. And Algorand coins may see another drop.
Support Levels-$ 0.28 and $ 0.20
Resistance levels-$ 0.35 and $ 0.42
Disclaimer
The views and opinions expressed by the author or the people nominated in this article are for informational purposes only and do not establish financial, investment, or other advice. Investing or trading crypto assets carries the risk of financial loss.
