Algorand, at the onset of the previous month, had hit a fresh All-Time High at $0.763 while currently trades below $0.30 at $0.2995 with a total bearish crossover. Algorand is a Proof of Stake based mineable top 50 lucrative projects of the global crypto market.
However, due to loss of traction in the market, it has led to a negative sentiment of ALGO/USD thoroughly testing 200-day MA support around the current trading price area.
Algorand Price Analysis
ALGO was trading at $0.2995 at the press time after hitting a notable YTD high at the onset of the previous month at $0.767. However, over the past eight weeks since the YTD high marked, the coin is drawing a steep pullback with a gradual fall against the US Dollar on the daily chart.
Algorand had also marked an All-Time Low earlier this year in March when the entire market crashed but drew an uptrend right after the lowest price hit. The ALGO price gained amplified traction In July and exhibited a steep rise in August. But due to a loss in market momentum, ALGO coin is lacking traction and 50-day MA support too.
The MACD of Algorand is drawing a bearish divergence and confirms the negative sentiment of the market. The RSI is also hitting the oversold region at 35.19 due to a lack of price-led demand.