- ALGO price had been forming lower lows bearish pattern formation and might test $0.0985 soon.
- MACD generated negative crossover and no signs of reversal is visible, whereas the RSI entered oversold levels might bring surprises for ALGO lovers.
ALGO Price is trading with mild bearish cues and forming lower lows swings after it breaks the support level of $0.2804. As per coinglass, In the last 12 hours, The long and short ratio stood at 0.90 indicating sellers are more as compared to buyers. As of now, ALGO/USDT is trading at $0.1693 with the intraday loss of 0.35% and 24 hour volume to market ratio stood at 0.0239
Will ALGORAND test the Year 2020 lowest level ?
ໃນກອບເວລາປະຈໍາວັນ, algo prices had formed a double top bearish pattern and sellers succeeded to break down the neckline which triggered more sell off in ALGO prices and kept on forming lower lows. In September bulls succeeded to defend their previous lows at $0.2804 and gained some positive momentum but the rally resulted as a bull trap and prices broke down its important support of $0.2804. Later prices kept on forming lower lows and might test $0.0985 level in coming weeks.
The 200 day ema(green) sloping down indicates a trend to remain weak on a positional basis whereas the 50 day ema (pink) at $0.2380 will act as an immediate hurdle for bulls in coming days followed by the next hurdle at $ 0.3000. The MACD has generated negative crossover which does not show any signs of recovery in coming days. However, the RSI at 27 oversold level may provide a temporary pull back rally in coming weeks.
ALGORAND undervalued at lower levels ?
On a lower time frame, Algo price had been in bear grip and continually slipping down forming lower lows bearish swings. The price action did not show any positive signs of upside reversal and the super trend had also generated sell signals indicating the short term trend may remain weak in the coming days. If bulls succeed to trade above $0.2400 we may see some upside trend reversal till then any upside rally will be used for sell on rise.
Summary
Algo price is continuously falling and forming lower lows swings indicates sellers are active on higher levels and the technical indicators also do not show any signs of trend reversal so, it’s better to avoid buying ALGO at lower levels.
ລະດັບເຕັກນິກ
ລະດັບການຕໍ່ຕ້ານ: $0.2200 ແລະ $0.2514
ລະດັບສະຫນັບສະຫນູນ: $0.1600 ແລະ $0.0985
ຂໍ້ສັງເກດ
ທັດສະນະແລະຄວາມຄິດເຫັນທີ່ຂຽນໂດຍຜູ້ຂຽນ, ຫຼືຄົນທີ່ມີຊື່ໃນບົດຄວາມນີ້, ແມ່ນສໍາລັບຄວາມຄິດທີ່ເປັນຂໍ້ມູນເທົ່ານັ້ນ, ແລະພວກເຂົາບໍ່ໄດ້ສ້າງຕັ້ງທາງດ້ານການເງິນ, ການລົງທຶນ, ຫຼືຄໍາແນະນໍາອື່ນໆ. ການລົງທຶນໃນຫຼືການຊື້ຂາຍຊັບສິນ crypto ມາພ້ອມກັບຄວາມສ່ຽງຂອງການສູນເສຍທາງດ້ານການເງິນ.
Source: https://www.thecoinrepublic.com/2022/12/24/algo-price-analysis-algo-highly-bearish-any-short-covering-rally-possible/