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Algorand Price Forecast: Heading to a 10% crash

Jun 11, 2024 2:17 PM
  • Algorand price tests the daily support $0.161 level.
  • ALGO’s Relative Strength Index (RSI) and Awesome Oscillator (AO) both signal a bearish momentum.
  • A daily candlestick close above $0.172 would invalidate this bearish thesis.

Algorand (ALGO) price is about to break below the daily support level at $0.161 on Tuesday, extending its two-week decline after being rejected near $0.200 on May 27. The Relative Strength Index (RSI) and Awesome Oscillator (AO) momentum indicators both signal a bearish momentum.

Algorand poise for 10% crash

Algorand's price crashed 17% from Friday’s high at $0.193 to a low of $0.1600 after facing resistance around the 50-day Exponential Moving Average(EMA). ALGO’s price extends its decline on Tuesday and tests the key daily support level.

If ALGO's daily candlestick closes below the daily support level of $0.161, it could crash 10% and retest its previous support at the April 13 low at $0.145.

The Relative Strength Index (RSI) and Awesome Oscillator (AO) support this bearish outlook, as both are below their respective mean levels of 50 and 0 and signaling bearish momentum.

ALGO/USDT 1-day chart

ALGO/USDT 1-day chart

On the contrary, if the Algorand price produces a daily candlestick close above the Monday high at $0.172, it would create a higher high in the daily time frame, invalidating the bearish thesis. This bullish development could see ALGO rally 10% to the daily resistance level of $0.189.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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