ALGO/USD Bulls Losing Grip on the Market

 Bulls in the Algorand market are becoming increasingly unable to withstand bearish pressure. Towards the end of October, the market broke out of the consolidation period and it was a bullish price breakout. Traders have fixed the $0.5 price level as their target for the take-profit exercise. The bears become aggressive at the $0.5 level and as a result, we have a massive price decline within two days that brought the price to $0.264.

Algorand Market Price Statistic:

• ALGO/USD price now: $0.29
• ALGO/USD market cap: $2,024,481,940
• ALGO/USD circulating supply:7.11B
• ALGO/USD total supply: 7,327,468,306
• ALGO/USD coin market ranking: #27

Key Levels

• Resistance: $2.0, $2.5, $3.0
• Support: $1.5, $1.0, $0.5

Algorand Market Price Analysis: The Indicators’ Point of View

 Buyers find a new support price of $0.264. This new support price is lower than the previous one which is at $0.306. The bull market encounters a lower resistance at around the previous support level of $0306. The matter gets worse for the buyers as the resistance shifts even lower to $0.282. And the bulls are becoming weaker as the market progresses, however, they held to the $0.264 support price. The lower band of the Bollinger indicator shows more activities to the downside than the upper band of the indicator. The RSI line shows a consolidation sentiment as the price momentum ranges below the equilibrium point which is precisely at 40.

ALGO/USD 4-Hour Chart Outlook

This smaller timeframe confirms the consolidation sentiment as the price action now moves along with the 20-day moving average horizontally. The Relative Strength Index portrays the price as being at equilibrium. The price is ranging at the midpoint of the market. The Bollinger indicator suggests that another price breakout may soon take place in the market as the two bands contract against the price action. The breakout may be to the downside because the bears have shown more strength than the bulls 

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