Algorand $ALGO Technical Indicators - June 6, 2024

Algorand (ALGO) is currently trading at $0.1863, reflecting a slight decrease of 0.71%. The cryptocurrency's price movements span a day's range of $0.1848 to $0.1889, while the broader 52-week range shows significant fluctuation between $0.0826 and $0.3292.

Technical Indicators

The overall technical indicators for ALGO suggest a predominant downward trend. The Relative Strength Index (RSI) stands at 48.539, indicating a neutral position. The Stochastic Oscillator (9,6) at 27.982 and Williams %R at -78.169 reflect lower momentum, with the Stochastic RSI (14) at 14.381 suggesting oversold conditions. The MACD (12,26) presents a slight upward momentum at 0.005, contrasting with the largely downward indicators. The Average Directional Index (ADX) is at 24.348, indicating a neutral trend. The Commodity Channel Index (CCI) at -64.2721 and Ultimate Oscillator at 43.742 further underline the current downward momentum. The Rate of Change (ROC) at -24.625 and Bull/Bear Power (13) at -0.0229 also reflect this trend. The Average True Range (ATR) at 0.0467 indicates less volatility in ALGO’s price movements.

Moving Averages

The moving averages for ALGO indicate a prevailing downward trend. Among the analyzed averages, ten reflect a negative trend, while two show positive movement. Short-term averages (MA5, MA10, MA20) show mixed signals, with the MA5 suggesting upward momentum but MA10 and MA20 reflecting downward trends. Long-term averages (MA50, MA100, MA200) generally reflect a downward trend.

Pivot Points

Pivot points analysis identifies critical support and resistance levels. The classic pivot points suggest a range between 0.1685 (S3) and 0.2109 (R3), with Fibonacci points and other methods providing similar ranges.

In summary, Algorand (ALGO) is experiencing significant downward pressure according to current technical indicators and moving averages, highlighting the need for close monitoring of its market performance.$ALGO #ALGO_USDT #ALGOUSD