Algorand (ALGO) is trading at $0.2324 and is down by 2.94 percent at the moment of writing.
The trend of Algorand is nearer to its 24-hour high of $0.2394, with its 24-hour low at $0.2265.
The 24-hour trading volume now stands at $77 million which is a 29.52% drop over the last day.
Algorand token (ALGO) reveals that the cryptocurrency has been facing a downward trend today as the bears are in control of the market and are likely to maintain their momentum. The bears have caused a decrease in the price up to the $0.2324 level. Resistance for ALGO/USD pair is seen at the $0.2390 and $0.2394 levels. If the resistance level is breached, it could lead to a further increase in price. On the other hand, if the bulls fail to breach the resistance level, it could lead to a further decrease in price.
Looking at indicators on the daily chart, the market demonstrates a negative signal as the price moves downward. The bears are pulling down the price levels and they are still succeeding in maintaining it as the price has gone down to $0.2324 at the moment. The MA 50 and the MA 200 are both bearish as they are both below the current market price. This indicates that the bears are in control of the market.
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