Algorand (ALGO) is a decentralized digital currency created to increase usability, scalability, and security of similar projects such as Bitcoin. The technology behind Algorand is built on a foundational consensus protocol which is the Pure Proof of Stake (PPoS), using cryptography which facilitates a secure, fully democratic, and permissionless ledger. Recently, the Algorand price has been trading between levels of $0.2189 and $0.2858, in a very volatile market.

The bears have successfully repelled the bulls recently and pushed the market prices significantly lower. Despite the bearish trend, if the bulls can gain some traction, the price of ALGO could strengthen up to the first resistance level of $0.2368. But if the bears remain in control, the price could potentially drop to primary support level of $0.1893 and if the market falls further, to the secondary support level of $0.1633.

In the last 24 hours, Algorand’s trading volume has decreased by almost 37.40%. This is a sign of declining participation in ALGO transactions, hinting that the sellers are pushing it lower. The bearish pressure is channeled through bearish crossover signal of the MACD and MACD signal indicated by the Relative Strength Index (RSI) which read 48.42 at press time. Algorand is currently trading below the 20-day EMA and lower than the 50, 100, and 200-day Daily Moving Averages.

At the time of writing, Algorand price is $0.2179, registering a drop of 1.63% in the last intra-day trading. This could suggest that the bearish pattern could push the digital currency further down to its all-time low. For those who are bearishly inclined to gain more exposure to the bearish trends, knowing the support and resistance levels of Algorand price predictions is essential. The support levels are $0.1893 and $0.1633, while the resistance levels are $0.2368 and $0.2858. Nonetheless, it’s important to note that investing in or trading crypto assets comes with a risk of financial loss, and users should do their own due diligence before investing.



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