- ALGO is a cryptocurrency and platform which provides security, reliability and transparency to digital contracts.
- ALGO is a collection of solutions that help to improve the protocol and to make it more scalable.
- It was founded by Silvio Micali in 2017 but it was launched in 2019. Through technical analysis we will gather some information about ALGO.
ALGO initially was performing very well. In 2021, it started its downward journey and reached below the price at which it came into the market.
According to forecasts, Algo is in bearish momentum and it is under the water in which 97% investors have lost their money.
Many cryptocurrency have registered some recovery in the market but Algo was unable to do so.
Technical Analysis of ALGO(Yearly)
Source: COINBASE: ALGOUSD by Trading View
In the yearly time frame, it was down by (68.45%) and overall it was down by (97.14%).
We can clearly see that, coin before January 2021 was moving in the up direction. After that it came down drastically forming a down rally.
The vertical line showing us the mirror image. The coin is not at all suitable for any investment purposes.
Technical Analysis of ALGO(Monthly)
Source: COINBASE: ALGOUSD by Trading View
The coin already made its all time low in August 2023 which is around $0.08. The all time high was around $1.83.
It was down by (17.58%) which means the rally is not stopping and the prices are continuously falling.
In the last 30 days, 14/30 days were green which is around 47%. The price volatility was around 3.24% over the last 30 days.
Source: COINBASE: ALGOUSD by Trading View
The price is falling constantly because investors are offloading their assets to prevent losses.
Due to decrease in the price mid term investors are pulling back their investments from Algo.
The pattern gives a confirmation signal that the prices might fall in the future. Pattern appeared 2 times in a row.
Technical Analysis of ALGO(Weekly)
Source: COINBASE: ALGOUSD by Trading View
In the weekly time frame, Algo is in downtrend and it is also down by (1.25%). Algo is not suitable for mid term investment at all.
Moreover, the bullish momentum cannot be expected from Algo because 97% investors have faced loss.
Around 1% investors grew under the water where else other investors were worried about more losses.
Technical Analysis of ALGO(Daily)
Source: COINBASE: ALGOUSD by Trading View
In the daily time frame, the coin is downtrend but today it was up by 2.98%. Only daily time has shown some positive signs.
According to coincodex, the price is predicted to rise till $0.0946 which is around 0.49% by 20th September 2023.
Source: COINBASE: ALGOUSD by Trading View
The three white soldiers indicate that the price may move in the upward direction.
Summary
Through the technical analysis we can conclude that the coin is not performing well in the monthly, weekly and daily time frame.
In the daily time frame, it is in a downward direction. In the monthly time frame, according to candlestick it may move lower in the future.
Also in the monthly and yearly time frame, the coin is not doing well.
Crypto investors should have proper knowledge about the cryptocurrency market.Â
Technical levels
Resistance Level- $0.4204
Support Level- $0.0916
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading stocks comes with the risk of financial loss.
