Algorand Price Analysis: ALGO/USD is bearish today

Algorand price analysis

TL;DR Breakdown

  • Algorand price analysis is bearish today.
  • ALGO/USD set lower high at $1.90.
  • The market continues to consolidate.

The price analysis for Algorand is bearish today, as we anticipate a subsequent higher low to be established later today. As a result, ALGO/USD will continue to move in a progressively tighter range over the following days. Given this, we anticipate a subsequent price rally to the downside towards $1.12 in the near term.

A higher high has not been set today at $1.90 for ALGO/USD, contradicting our previous analysis. As such, we must re-evaluate how likely it is that $2 can be established as support later in the day and into tomorrow for this to happen. The short-term trend remains bullish, and we maintain that this will continue over the following days until a lower high is eventually formed at some point during the next week.

Nevertheless, Algorand is setting up for a price decline towards $1.12 in the near term with strong support by way of an ascending triangle pattern. Over the past few days, we have witnessed lower highs and higher lows established – implying there is no ‘real’ price direction just yet. We anticipate that this pattern will break to the downside when it reaches its apex point at around $1.5 later on next week; however, this may only occur following confirmation of bullish momentum again.

ALGO/USD 4-hour chart: ALGO set to retrace?

On the 4-hour chart, we can see that bears have taken control, as the Algorand price action will look to establish yet another higher low to continue the consolidation.

Algorand Price Analysis: ALGO/USD is bearish today 1

ALGO/USD 4-hour chart. Source: TradingView

Algorand’s price has been highly volatile this week. On November 16, a solid lower low was established after a few-day decline from $2.30 to $1.55. From there, on November 18, a strong reversal occurred, rapidly breaching the prior high and spiking to $2.82.

However, as with all such swings, most of the profit was quickly reversed, and support was found at $1.75 on the same day. Since then, we’ve seen ALGO/USD make both lower highs and higher lows, suggesting that the range is becoming more narrow.

The Algorand price has been downtrend since breaking below the $1.50 resistance level on May 3. The price is presently testing the $1.75 mark, with a rally to $1.90 establishing another lower high. Since then, bearish momentum has slowly returned, likely leading to another retracement within the next 24 hours.

Algorand Price Analysis: Conclusion 

The Algorand price analysis is bearish today, as we anticipate another decline to follow over the next 24 hours following a further decline high. As a result, ALGO/USD should move towards $1.75 support, where a higher low will be established to extend the consolidation.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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