![Algorand’s [ALGO] downtrend slows down- Is a trend change likely?](https://i.headtopics.com/images/2023/3/13/cryptoamb/algorand-s-algo-downtrend-slows-down-is-a-trend-ch-algorand-s-algo-downtrend-slows-down-is-a-trend-ch-1635061357329678336.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion ALGO witnessed heightened selling pressure in the past few days. Funding rates fluctuated, and development activity improved after a sharp decline. Algorand [ALGO] dropped from $0.30 to $0.18 region, plunging 40% since early February. […]
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionFunding rates fluctuated, and development activity improved after a sharp decline.
ALGO saw increased selling pressure after breaching below the key value area of $0.2558, sustaining the price action below the EMA ribbon. Bulls could attempt a recovery if there is a convincing close above the 23.6% Fib level . Continued recovery could face a barrier at the EMA ribbon . The next significant resistance lies between the 50% Fib level and the $0.26 range if bulls close above the EMA ribbon.
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