The price of Algorand (ALGO) has gone down in the last 24 hours, according to CoinMarketCap, a website that tracks the cryptocurrency market. At the time of publication, the price of ALGO had dropped by 5.47 percent, bringing it down to $0.2308.
The price of ALGO has gone down by 3.12% and 1.55%, respectively, against Bitcoin (BTC) and Ethereum (ETH), which are the two most popular cryptocurrencies on the market. After reaching a high of $0.2484 for the day, ALGO’s price is now getting closer to its daily low of $0.2279.
The 24-hour trading volume is one number that has gone up over the last 24 hours. At the moment, $66,856,172 worth of ALGO is traded every day, which is 42.45% more than yesterday.
Chart for ALGO/USDT for each day (source: Trading View)
ALGO’s daily chart doesn’t show much price movement because it has been in a consolidation channel for the last week. But technical indicators show that the daily chart for ALGO is slightly bearish.
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The daily 9 EMA line is now below the daily 20 EMA line because there have been more sales of ALGO than purchases over the last week. The second sign of weakness is when the daily RSI line is below the daily RSI SMA line. Also, the slope of the daily RSI is also down.
Yesterday, a crypto analyst named Michal van de Poppe tweeted his technical analysis for ALGO. With the caption “I don’t see much on this one unless it can reclaim the level at $0.28,” the crypto analyst wasted no time getting to the point of his analysis of the altcoin.
