ALGO/USD is bearish for the next 24 hours

TL;DR Breakdown

  • 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.

Algorand Price Analysis: ALGO/USD is bearish for the next 24 hours 1
ALGO/USD 4-hour chart. Source: TradingView

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.

Disclaimer. The information provided is not trading advice. 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.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet

TA: Bitcoin Retreats Lower, Why There Is Risk of Sharp Decline

Bitcoin Signals Bull Run after Formation of Golden Cross

How to recognize a licensed online casino and whether to trust such a website