- Algorand price analysis is bearish today.
- ALGO/USD continued to decline yesterday.
- Local support was found at $1.70.
Today, the Algorand price is rising, as we may anticipate a continuation of the trendline past the $1.75 mark into new support above $1.80. As a result, ALGO/USD will reverse up to the upside following some other bullish movement over the next hours. As this trendline coincides with the mid-term down trendline, we may see a breakout to the upside in the following days and live up to our bullish assumption.
Algorand price movement in the last 24 hours: Algorand reacts from the $1.70 after a further selloff yesterday
Algo/USD continued its bearish movement, declining over 6.4% since yesterday’s opening at $1.95, finding support at the $1.70 price level during early European hours of trading today. Our major support lies below current market prices at around 0.5 Fibonacci Retracement or approximately $1.80-$1.85 area, where local buyers are expected to emerge for further profit-taking opportunities on short positions.
Today, as we may anticipate a trend continuation to the downside and ALGO/USD is expected to break below the $1.80 price level in the following hours, we will see further bearish movement before expecting a minor or local reversal upwards. To that end, it is advisable not to enter any new long positions today and wait for a breakout to the upside to trade with the trend.
ALGO/USD 4-hour chart: ALGO to see further downside today?
The Algorand price rose on the 4-hour chart after a brief recovery from $1.70, as shown in Figure 7. The lower high will most likely be established before further declines over the next 24 hours, as shown on the 4-hour chart.
After a promising start during the first week, Algorand’s price action has been bearish for most October. After rising from the $1.55 support level on the 4th of October, ALGO/USD peaked at $2.10, triggering an initial plunge.
A third attempt was made to push higher after the first failure at $1.75, but a clear lower high was established, resulting in a second substantial drop down to $1.60.
On Monday, the ALGO/USD pair recouped some of its losses and set a new low close to $1.90 last week. On October 17th, the second resistance test occurred, with another decline happening on Monday. Since then, the Algorand price has continued to fall, with local support at $1.70 now in question.
Algorand Price Analysis: Conclusion
The price analysis for today is bullish, with another higher low expected in the following hours. Later this week, we believe ALGO/USD will continue to fall.
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