Price activity in the Algorand market has retraced more than 50% of its initial gain to the downside. Therefore, it is necessary to know what could be expected from this market to know which step to take for profit maximization.
ALGO Speculation Statistics Data:
Algorand’s current price: $0.348
Algirands market cap: $2.38 billion
ALGOs circulating supply: 6.93 billion
ALGOs total supply: 7.17 billion
Algorands Coinmarketcap ranking: #29
Important Value Marks:
Top Levels: $0.3500, $0.3550, $0.3600
Bottom Levels: $0.3484, $0.3440, $0.3400
Algorand Value Analysis: ALGO Retraces Downwards
ALGO/USD has retraced significantly downwards. And from the look of things, we might witness even more downward moves. The last bearish candle has pushed the price under the fast EMA line. Also the MACD lines, after reaching above the 0.00 line, are now bending towards each other to indicate downside retracement in price action. However, there still lies considerable space between the two lines which is still giving room for possible correction should buying resumes. At this point, traders may have to wait till the space between the EMA lines closes up, or diverges before making trading decisions.
Algorand Value Analysis: Price Action in the ALGO/USD Market Is Already Testing an Important Support
On the ALGO/USD four-hour chart price activities are already tested at an important Fibonacci level of 50%. And, going by this we can expect some corrections or better still a reversal should significant buy order be triggered at this point. But on the contrary, the last big bearish candle on this chart has crossed below the two EMA lines. Consequently, this is indicating that even the 50 Fib level may be broken down.
Your capital is at risk.
To further portray the trend of the ALGO/USD market the MACD lines are proceeding decisively downwards towards below the 0.00 level. Additionally, these lines aren’t showing any signs of a possible reversal. Consequently, traders can expect price action to break down the $0.3457 price level. And, the 61.80 Fib level will subsequently be anticipated as the next possible level for price correction.
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