- Summary:
- The Algorand Price bucked the trend yesterday, dropping 7% despite Bitcoin surging to $55k. ALGO is now 30% below the September high
The Algorand Price bucked the trend yesterday, dropping 7% despite Bitcoin surging to $55k. ALGO is now 30% below the September high and testing trend support, which may offer bulls an attractive entry point. Even though Algorand (ALGO) has gained 10% in the last seven days, its performance is mixed over the month.
In mid-September, ALGO jumped to a record price of $2.55 but finished the month 35% lower at $1.62. So far, October is faring similarly. The Algorand price climbed 30% in the first four days to $2.09 before sliding to $1.77 today. However, considering the combined cryptocurrency market cap has claimed over $400 billion this week, Algorand buyers may emerge on the dip.
ALGO price Forecast
The 4-hour chart shows that despite rolling over, Algorand remains in a four-week uptrend. The rising trend line from the 7th of September low at $1.03 currently supports the price at $1.73. As long as ALGO stays above the trend line on a closing basis, it should continue to trade higher. If the trend support holds, the first target on the upside is the 4th of October high at $2.09, followed by the ATH of $2.55.
If ALGO loses trend support, the obvious target is the band of support between $1.50-$1.55. However, if the price drops below $1.50, the outlook turns decidedly bearish, targeting the August high at around $1.25.
Algorand Price Chart (4-hour)
For more market insights, follow Elliott on Twitter.