Price Movement for Algorand (ALGO) Continues Its Consolidation

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• ALGO’s price has fallen 5.47% over the last 24 hours.
• The altcoin has also weakened against BTC and ETH.
• Technical indicators for ALGO are slightly bearish at the moment.

The price of Algorand (ALGO) has fallen over the last 24 hours according to the crypto market tracking website, CoinMarketCap. At press time, the price of ALGO is down 5.47% to bring its price down to $0.2308.

Compared to the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), the price of ALGO has weakened against both by 3.12% and 1.55%, respectively. After establishing a daily high at $0.2484, ALGO’s price is now trading closer to its 24-hour low at $0.2279.

One statistic that has seen an increase over the last 24 hours is the 24-hour trading volume. Currently, the daily trade volume for ALGO stands at $66,856,172, which is 42.45% more than yesterday.

Daily chart for ALGO/USDT (Source: Trading View)

There is not much price movement on ALGO’s daily chart as it has been in a consolidation channel for the last week. Technical indicators do, however, show that ALGO’s daily chart is slightly bearish.

The daily 9 EMA is currently positioned below the daily 20 EMA line as there has been more sell volume than buy volume for ALGO over the last week. Another bearish flag is the daily RSI line positioned below the daily RSI SMA line. Furthermore, the slope of the daily RSI is also negative.

Michaël van de Poppe, a crypto analyst, shared his technical analysis for ALGO via a tweet yesterday. The crypto analyst wasted no time getting straight to the point with his analysis of the altcoin, with the caption “I don’t see much on this one unless it can reclaim the level at $0.28.”

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Price Movement for Algorand (ALGO) Continues Its Consolidation appeared first on Coin Edition.

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