- ALGO hits a 30-day low at $0.08881 after a week-long bearish trend.
- Oversold ALGO signals a potential price reversal with RSI at 19.67.
- Chaikin Money Flow at -0.07 hints at dominant selling pressure for ALGO.
A bearish trend has dominated the Algorand (ALGO) market in the previous seven days after bulls failed to break above the intra-week high of $0.096183. Consequently, bearish sentiment has prevailed, with the price falling to a 30-day low of $0.08881. Profit-taking by investors intending to profit from the prior bullish run has exacerbated the current market decline.
At press time, ALGO was trading at $0.08951, down 1.51% from its 24-hour high. This price decrease has alarmed ALGO investors, who are now intently observing the market for indications of a possible turnaround.
If bullish momentum regains market control and breaks over the $0.096183 barrier, ALGO’s next target might be $0.10. However, if the negative trend persists, the price may fall lower to the next support level at $0.085.
ALGO’s market capitalization and 24-hour trading volume fell by 1.01% and 13.19% during the bear rally, to $709,584,191 and $24,831,814, respectively.
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