Algorand is <a href="https://www.cryptoknowmics.com/news/algorand-releases-version-10-of-the-algo-builder-software/">a blockchain-based platform</a> for the development of decentralized applications, financial products, and open-source protocols for value exchanges. It aims to expedite the convergence between conventional and decentralized finance. ALGO is the customized token of this ecosystem and the technical analysis is as follows:
<h2><b>Past Performance</b></h2>
On May 27, 2021, ALGO opened at $1.02. On Jun 2, 2021, ALGO closed at $1.02. Thus, <a href="https://www.cryptoknowmics.com/news/algo-technical-analysis-price-may-break-out-of-the-subsequent-resistance-levels-of-093-and-094/">in the past week</a>, there was no change in the ALGO price. In the last 24 hours, ALGO has traded between $1-$1.05.

<img class="shrinkToFit" src="https://s3.tradingview.com/snapshots/e/eF5sBtOH.png" alt="https://s3.tradingview.com/snapshots/e/eF5sBtOH.png" width="886" height="419" />

<a href="https://s3.tradingview.com/snapshots/e/eF5sBtOH.png">https://s3.tradingview.com/snapshots/e/eF5sBtOH.png</a>
<h2><b>Day-Ahead and Tomorrow</b></h2>
Currently, ALGO is trading at $1.04. The price has increased from the day’s opening price of $1.02. Thus, the market seems bullish.

The <strong>MACD and signal lines</strong> are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Plus, both the lines are closer to the zero line and may turn negative soon. Thus, we can expect a price pullback.

Currently, the <strong>RSI indicator</strong> is at 45%. It faced rejection at 63% and fell to this level. Thus, selling pressures are higher than buying pressures. Hence, the ALGO price may start falling soon.

Besides, the <strong>OBV indicator</strong> is falling. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the ALGO price.

In a nutshell, all three oscillators have indicated an impending price decline. However, we have to wait and watch to see if the price pullback is a temporary corrective action or the beginning.
<h2><b>ALGO Technical Analysis</b></h2>
Currently, the price is below the <strong>first Fibonacci pivot resistance level</strong> of $1.04. The price may soon fall below the <strong>Fibonacci pivot point</strong> of $1.02. If the bears remain strong, the price is likely to fall below the first support level of $1 as well.

Presently, the ALGO price is above the <strong>23.6% FIB retracement level</strong> of $1.04. The price is likely to test and fall below it and further below the <strong>38.2% FIB retracement level</strong> of $1.03. Thus, as of now, the bearish trend is strong and likely to continue today and tomorrow.

ALGO Technical Analysis: Price Below the First Fibonacci Pivot Resistance Level of $1.04, May Soon Fall Below $1.02

ALGO price is above the 23.6% FIB retracement level of $1.04. The price is likely to test and fall below it and further below the 38.2% FIB retracement level of $1.03. Thus, as of now, the bearish trend is strong and likely to continue today and tomorrow.

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

ALGO Technical Analysis: Price Below the First Fibonacci Pivot Resistance Level of $1.04, May Soon Fall Below $1.02

Top Picks