- ALGO price hit the $0.67 level for the 4rth time in almost a year in its 2-day chart.
- Algorand’s price currently trades beneath last week’s support, near $0.70.
- The alt should consolidate beyond $0.77 to cancel the bearish narrative.
Algorand’s price might suffer further declines of roughly 20% as ALGO bears successfully flipped last week’s support barrier. For now, enthusiasts can expect downswings as the alt weakens.
ALGO Bearish as Support Might Switch to Resistance
Algorand has its price actions beneath last week’s foothold as bears seem ready to dominate this week. For now, the bulls hold on to a thin thread as they print a Doji candlestick after sell-offs on Monday. Currently, ALGO trades around the $0.70 mark while retesting the violated support territory.
The token might trap long trades into purchasing a mixed sign as a morning start setup might emerge at the current 2-day candle’s end. Though the alt seems to print a classic bullish formation, enthusiasts should beware that volumes are yet to display a decisive reversal sign. Moreover, yesterday’s low meant the alt’s lowest level since February.
Bears might lead ALGO fans to open positions and push the alternative token higher by 5-7% before showcasing their true colors once more. Safe traders may have to stay away or short at $0.735 and $0.745.Bears seem to target 2021 lows near $0.60, around 20% beneath current ALGO prices.
Though the pessimistic indicators bulls could play an ace card, the reason Algorand touched $0.67 for the fourth period. Extremists might consider Algorand’s current market situation an all-or-nothing period, as touching any resistance or support for the fourth time is a catalyst.
This bearish thesis will only face invalidation I bulls ensure adequate buying strength to propel Algorand price higher by an additional 10%to consolidate beyond $0.77. With that, market players can expect an upside move to $0.95 and possibly $1.00, translating to an over 50% rally past the current ALGO price.
What are your views on Algorand’s price movements? Can the alt escape the downtrends? You can use the reply area below to share your opinions.