In this Algorand technical analysis, we will examine the current price action, trading volume, key levels and indicators for ALGO-BTC. Algorand (ALGO) is a decentralized, open-source blockchain platform that focuses on delivering scalability, security, and decentralized governance. Its unique proof-of-stake (PoS) consensus algorithm allows for faster transaction finalization times and greater energy efficiency compared to traditional proof-of-work (PoW) algorithms. Additionally, Algorand’s flexible and modular architecture enables the development of a wide range of decentralized applications (dApps), making it an attractive platform for developers and entrepreneurs.
Algorand Price Overview:
As of June 15, 2024, Algorand is trading at approximately 0.0 BTC. Let’s dive into the detailed price action for ALGO-BTC:
| Metric | Value |
|---|---|
| Open (O) | 0.0 |
| High (H) | 0.0 |
| Low (L) | 0.0 |
| Close (C) | 0.0 |
| Volume (C) | 557,138.00 |
- Open (O): The opening price for today’s trading session was approximately 0.0 BTC.
- High (H): Algorand reached a daily high of around 0.0 BTC.
- Low (L): The daily low for ALGO-BTC was approximately 0.0 BTC.
- Close (C): At the time of analysis, Algorand is trading near its daily close of 0.0 BTC.
| Metric | Value |
|---|---|
| 1D Change (%) | 1.75% |
| 3D Change (%) | -4.12% |
| 7D Change (%) | -2.92% |
| 30D Change (%) | -13.06% |
| 90D Change (%) | -42.18% |
| YTD Change (%) | -55.79% |
Over the past three days, ALGOBTC has decreased by approximately -4.12%, showcasing increased market volatility. Throughout the last week, it continued to decrease, with a loss of around -2.92%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with ALGOBTC maintaining a downward trend of approximately -13.06%, despite intermittent fluctuations. Examining the last 90 days, ALGOBTC has witnessed substantial fall of approximately -42.18%, reflecting strong long-term confidence. Year-to-date, ALGOBTC has steadily declined by around -55.79%, attracting both institutional and retail investors and highlighting its potential as a long-term investment.
Algorand Live Chart:
You can access a live price chart for ALGO-BTC on various cryptocurrency market websites or trading platforms. These charts provide real-time data, allowing you to track price movements and indicators as they evolve.
Price Volatility and Momentum:
- Volatility score is 0.31724.
- Momentum score is -0.16487.
ALGO BTC Technical Analysis
Algorand Trading Volume:
The trading volume for Algorand (ALGO) over the past 24 hours has been insignificant, with approximately 557,138.00 BTC traded against ALGO. Elevated trading volume often indicates increased market activity and can be an essential factor to consider in technical analysis.
Moving Averages:
- 50-day Simple Moving Average (SMA): ALGO is currently trading below the 50-day SMA, indicating short-term bearish momentum.
- 200-day Simple Moving Average (SMA): Algorand is also trading below the 200-day SMA, indicating a negative long-term outlook.
Relative Strength Index (RSI):
- The RSI30 for ALGO-BTC is currently in the low zone, around 35.28194. This suggests that Algorand is in bearish territory.
Analysis from TradingView:
Our Key Takeaways:
Algorand (ALGO-BTC) is currently exhibiting signs of short-term bearish momentum, with key support and resistance levels in focus. Traders and investors should closely monitor the BTC monthly resistance level and the BTC support level for potential trading opportunities. Additionally, the low RSI and insignificant trading volume are low signals for potential downward movement.
Consider bearish sentiment for Algorand (ALGOBTC) at 2.33e-06 BTC with technical analysis, highlighting weakened support and cautionary indicators.
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Disclaimer: The information provided herein, including any technical analysis of cryptocurrencies, is for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or make any financial decisions.
Cryptocurrency markets are highly volatile and speculative. Past performance is not indicative of future results, and there are no guarantees of profit or protection against losses. Cryptocurrency investments are subject to significant risks, including but not limited to market fluctuations, regulatory changes, and technological vulnerabilities.
Technical analysis involves the use of historical price and volume data, patterns, and indicators to make predictions about future price movements. It is a subjective and speculative approach to market analysis and should not be the sole basis for making investment decisions.