Algorand’s [ALGO] downtrend slows down- Is a trend change likely?

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Algorand [ALGO] dropped from $0.30 to $0.18 region, plunging 40% since early February. Bulls tried to seek entry into the market as they struggled to defend the $0.18 area.

But bulls could attempt a recovery if Bitcoin [BTC] defends the $20K support and surges upwards. 

Read Algorand [ALGO] Price Prediction 2023-24

In lower timeframe charts, BTC traded sideways in the $19.76K – $20.5K range. BTC’s price action could set ALGO into a consolidation in the short term, but the underlying market conditions will largely dictate long-term price action throughout March.  

Source: ALGO/USDT on TradingView

ALGO’s strong rally in early 2023 hit the ceiling at $0.2998, setting it for a retracement. But the price bounced near the 50% Fib level ($0.2301), allowing bulls to inflict a recovery. However, the selling pressure around $0.30 proved too much for bulls to bypass it. 

ALGO saw increased selling pressure after breaching below the key value area (red point of control line) of $0.2558, sustaining the price action below the EMA ribbon.

So far, ALGO has dropped, oscillating between the EMA ribbon and the downtrend line (cyan line). At the time of writing, it was trading in the $0.1810 – $0.1933 range on the 12-hour chart. 

Bulls could attempt a recovery if there is a convincing close above the 23.6% Fib level ($0.1933). Continued recovery could face a barrier at the EMA ribbon ($0.2094). The next significant resistance lies between the 50% Fib level ($0.2301) and the $0.26 range if bulls close above the EMA ribbon. 

Alternatively, bears could sink ALGO to January’s low of