Algorand is an open-source Proof-of-Stake (PoS) blockchain ecosystem that helps in the intersection of traditional and decentralized finance. It is a platform that enables users to develop innovative financial products and protocols. Advanced smart contracts, high security, higher scalability, co-chains, and in-built privacy features are the stand-out characteristics of this blockchain network. ALGO is the prime governance token of this network. As predicted in the previous ALGO technical analysis, the price successfully tested the levels. Past Performance On March 24, 2021, ALGO opened at $1.11. As of March 30, 2021, ALGO closed at $1.32. Thus, in the past week, the ALGO price surged by approximately 19%. In the last 24 hours, ALGO has traded between $1.30-$1.43. https://ift.tt/3u9VSzS Days-Ahead and Tomorrow Currently, ALGO is trading at $1.31. The price has declined from the opening price of $1.32. Thus, the market looks bearish. The A/D indicator is declining. This implies that whale distribution is higher than whale accumulation. Heavy offloading activity will exert downward pressure on the ALGO price. Thus, we can expect the price to go down further. The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the market momentum is bearish. We can expect the price to fall further. Currently, the RSI sits at 34%. It faced rejection at 32% and started rallying. However, selling pressures are still very high. Hence, the price drop is likely to continue. It is a good time for swing traders to go long. ALGO Technical Analysis At the present technical analysis, the price is way below the Fibonacci pivot point of $1.35. It is inching closer to the first support level of $1.30 and will fall below it soon. If the bearish market forces remain strong, the price may fall below the second support level of $1.27 in a few hours. The price has tested and fallen below the 23.6% FIB retracement level of $1.33. As of now, the downtrend looks strong. By day end, if the price does not retest and surpass this level, then we can expect the bear-run to continue tomorrow as well.
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