ALGO prices continue to fall as the supply dump in 2022 continues resulting in the fallout of the $0.50 mark. Will the selling spree cross below $0.20? Key technical points: The market price has decreased 1.56% over the past 24 hours. The price action shows a falling channel pattern below the $0.50 mark. The 24-hour trading volume of Algorand is $183 Million, indicating a drop of 0.89%. Past Performance of ALGO ALGO prices remain in a downtrend for the most part of 2022 except for a few minor retracements to the 50-day EMA. The recent sell-off brings the market value under the $0.50 mark and starts a falling channel pattern accounting for a 40% fall. However, the recent surge in selling pressure during the bear cycle within the channel warns of the support trendline fallout. Source- Tradingview ALGO Technical Analysis Currently, the ALGO daily candles form a consecutive Doji candle close to the support trendline reflecting a bullish fightback. Hence, traders can expect the bullish resurgence to start an upside extension, but the price action confirmation will be critical. The daily-RSI slope shows a bearish trend flattening near the oversold boundary as the Doji candle formations halt the downtrend. However, a slight increase in selling pressure will push RSI over the oversold boundary and increase the chances of trendline fallout. The MACD indicator displays the fast and slow lines merging below the zero line resulting in a b...
