Algorand Price Plummets, Bears Take Control of Market

• Algorand price has been on a downward trend for the last few months, losing 1.8% in the past 24 hours.
• The coin has lost 4.7% in the past week and has failed to break the $0.28 price floor.
• The market capitalization of Algorand has seen a considerable decline, indicating that sellers have taken control of the market.

Algorand (ALGO) has been on a downward trend for the last few months, with its price dropping 1.8% in the past 24 hours. Algorand has lost 4.7% in the past week and has failed to break the $0.28 price floor. This price floor acted as a crucial level for the altcoin, but the consistent lateral trading has pushed the bulls out of the market. The technical outlook has sided with the bears, with no clear indication of the price turning around in the coming trading sessions. The market capitalization of Algorand has seen a considerable decline, indicating that sellers have taken control of the market.

Ever since ALGO lost the $0.28 price level, the coin has been unable to stop its downtrend. The coin had been consolidating on its chart over the last few weeks, but the lateral trading has pushed the buyers out of the market. The coin has also remained unaffected by positive changes in major market movers‘ prices. Since the altcoin was rangebound for a while, buyers lost interest and rushed to sell the altcoin. Algorand has lost over 30% in the month of December itself.

At the time of writing, the ALGO price is 96% below its all-time high from 2021. The coin was priced at $0.166 at press time. The immediate resistance for the altcoin was at $0.172. The coin has attempted to test the overhead price ceiling, but the bearish strength has taken over the market. Since demand for Algorand has fallen substantially, the altcoin can fall to $0.163 before the bulls can make a comeback.

The coin is currently trading below its 50-day moving average, and the MACD indicator shows that the coin is in a bearish territory. The RSI indicator has also dipped below 40, which is a bearish sign. The coin needs to break the $0.17 price level soon to turn the tide in its favor.

Overall, the coin has not been able to make a substantial recovery in the last few months. A break above the $0.17 price level is essential for the bulls to take control of the market. Until then, the coin is likely to remain in a bearish territory.

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