Algorand lowest weekly close in over the past year complete, ALGO may test $1
A new record low for Algorand was set at $0.97 on December 21st, 2017, according to CoinGecko. This means that Algorand now officially has a low for the lowest weekly close over a year period, the lowest point it’s ever touched since it was created in 2016. This also means that Algorand may now test $1.00 for the first time since its creation.
Algorand’s low is a new record low in the last week of trading and could be a sign of a bounce. The token is testing the $1 price point, which hasn’t been achieved in over a year. This could be a sign of a bounce. There are only a few days left in this week and the last two have been lower.
ALGO’s current downtrend has now existed for over 100-days
The ALGO’s current downtrend has now existed for over 100-days. The price action suggests the accumulation and of technical indicators such as RSI and MACD are all pointing to the fact that the trend may now be changing. The price is now in a strong downtrend which means the momentum is now negative and the trend is now declining.
The price of ALGO has been declining steadily since its inception in September of 2016 when it was trading at $1.00 per token. It will be looking for a potential bounce before making a decision on the direction the token will take.
High probability of technical support near $0.71, but downside risks remain
This is an algo signal. They are suggesting that technical support is about to break out of the channel. Algos are a type of trading software that attempt to anticipate future stock market directions based on multiple factors, such as sentiment, historical patterns, and economic news.
Technical support is the point at which prices fall to the lowest level they have been in the last 30 days, and technical resistance is the point at which prices rise to the highest level they have been in the last.
Summary and ATC
Algorand (ALGO) closed at $1.30, down 40% on the week, following a week of trading in the $1.00-$1.50 range. This is the lowest weekly close in over a year, and the first close below $1.00 since the week ending July 19, 2017.
The weekly close of Algorand was in the lowest it has been in over a year, confirming that the price has bounced to within $1 of testing $1 for the first time in over a year. The test is considered likely, but not confirmed at this time.
For anyone still holding onto your ALGO shares, now may be the time to get out of the market as prices may go even lower. If you plan to sell or to be liquidated, you may want to consider selling now, before the prices get even lower.