ALGO, an altcoin by the Algorand blockchain with a market cap of $1.18 billion, continues to feel the effects of the intense selling pressure that caused its price to crash last month. After trading within a narrow region from May to November that saw it establish $0.28 as its range low, the cryptocurrency devalued by 34% in December and found itself going all the way down to $0.163 – a marker that ended up being the asset’s current support zone. ALGO, which has not made any significant increase in price in the last 10 days, is at the mercy of bears that are in control right now, threatening to push the digital coin’s value to $0.15 or even lower. Technical indicators such as Relative Strength Index (RSI) and On-Balance Volume (OBV) are also currently favoring sellers, indicating that Algorand is headed into another bearish trajectory. Related Reading: NEAR Struggles As Bulls Aim To Flip $1.45 Resistance Into Support Algorand Paints Its Charts In Red At the time of writing, investors and holders of the crypto asset has no reason to be happy ..
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