Floating Point Group, a Crypto prime broker, has recently tapped United States Dollar Coin (USDC) stablecoin on the Algorand Blockchain. The major aim of the crypto broker was to execute trade settlements faster and maintain ease in the flow of funds.
Past Performance to Follow for Algorand
The opening price of ALGO on February 16, 2021, was $1.35. As of February 22, 2021, the closing price of ALGO was $1.13. Thus, the ALGO price is on a downtrend. In the past week, the price has fallen by roughly 16%.
In the past 24 hours, ALGO has been trading within the price range of $0.94-$1.28.
How Days Look Ahead for ALGO
Currently, ALGO is trading at $1.02. The opening price of ALGO was $1.13. Thus, the price is downtick. The price is almost convergent with the lower Bollinger band indicating high selling pressures. The price is also below the 20-day SMA line. Thus, we can expect the price to fall further.
The AO indicator is negative with strong ‘sell’ signals. The MACD and signal lines are negative too. Thus, the overall momentum is bearish. A bullish crossover by the MACD line over the signal line indicates that some price corrections may occur.
The RSI indicator is at 51% now. Half an hour back, the RSI indicator rallied from the 30% mark. Thus, buying activity is slowly picking up. The stochastic oscillator is in the ‘overbought’ region indicating that buying pressures are gradually overtaking the market. This is a good time for swing traders to go short. A bearish crossover by the actual value-line over the 3-day SMA lines indicates a price pullback.
The OBV and A/D indicators have gradually started rising. Thus, buying volumes are increasing. A rise in accumulations will lead to a price rise. However, the price increase may be temporary as the bearish momentum is still strong.
The ADX line was rising but has dipped again. Thus, the trend reversal is not strong enough. In other words, the price downtrend has not weakened.
Currently, the ALGO price is nearing the first Fibonacci support level of $0.98. By the end of the day, the price may fall below the subsequent support levels of $0.91 and $0.78 respectively.
The price tested the 23.6% FIB retracement level of $1.02. It managed to break out of it for a few minutes but fell back again. Thus, there is heavy offloading by whales in the ALGO market. The bear-run is strong and expected to continue tomorrow as well.