ALGO Price Is Met With Sell Pressure After at 50 EMA Mark By CoinQuora

• Algorand (ALGO) is in the 7th position on CoinMarketCap’s trending list.
• Currently, ALGO’s price stands at $0.6619 or 0.00001721 BTC.
• The 50 EMA seems to be acting as a resistance level for ALGO on the daily chart.

Algorand (ALGO) is in the 7th position on CoinMarketCap’s trending list, right behind Petoverse (PETO) in the 6th position, and in front of (BTC) in the 8th position.

This comes after ALGO saw a 9.13% price drop over the last 24 hours. The coin also dropped by 1.29% over the last week and by 28.63% over the last thirty days.

Currently, ALGO’s price stands at $0.6619 or 0.00001721 BTC. The highest price the coin reached over the last 24 hours is $0.7334.

With regard to market cap, ALGO is in the 29th position on CoinMarketCap’s list, behind (UNI) and in front of Stellar (XLM). ALGO’s market cap now stands at over $4.4 billion.

ALGO saw a 24-hour trading volume of more than $624 million or 944,596,011 ALGO. This is a 5.21% increase from yesterday.

50 EMA acts as resistance for ALGO/USDT (Source: TradingView)

Looking at the daily chart for ALGO/USDT, the RSI14 line has risen above the 14 SMA. There was also a surge in positive trading volume yesterday which saw the price of ALGO jump slightly.

However, the 50 and 100 EMA still show that ALGO is in a bearish cycle on the daily chart. In addition, the 50 EMA seems to be acting as a resistance level for ALGO as the price of ALGO is on its way to attempting to break past the 50 EMA line. As the price reached closer to the 50 EMA, some selling pressure was applied by bears, preventing the 50 EMA break.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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