In a recent video, Nick from Cheeky Crypto analyzed the price action of Algorand a cryptocurrency that has been struggling in recent months. Nick looked at the 1-hour, 1-day, and 1-week time frames to get a better understanding of the trend.
On the 1-hour time frame, Algorand recently hit a new local low, which is a bearish signal. The price is also below the 200 EMA and 50 EMA, which are both bearish indicators.
Nick also noted that the price structure has changed from bullish to bearish. This is a significant development, as it suggests that the bears are in control of the market. Nick believes this is more likely than not to see a bearish continuation before a bullish reversal as a result.
However, there is some potential for upside in the short term. Nick mentioned a possible breakout based on a completed bearish pattern from 2019. However, he cautioned that the risks may not be worth it.
Overall, Nick is cautious about Algorand’s performance. He believes that the price could go lower before it finds a bottom. However, he also acknowledges that there is some potential for upside.
Key takeaways:
- Algorand is in a bearish trend on the 1-hour, 1-day, and 1-week time frames.
- The price structure has changed from bullish to bearish.
- There is some potential for upside in the short term, but the risks may not be worth it.
