The Algorand price prediction depends on the direction of the breakout from the falling wedge pattern. ALGO price has been trading inside this pattern since the mid of May 2022. The coin has failed to make a higher despite a recent relied rally in crypto. The price got rejected from the top line of the wedge and failed to breakout.
Consequently, the ALGO price retested the $0.27-$0.28 support once again. Nevertheless, the support has weakened after multiple retests and might break on the next one. Algorand coin has been in a downtrend since the start of the year.
The recent rate hikes and the prevailing risk-off approach have further intensified the sell-off. As a result, the price is 86.5% down from last year’s high of $2.35. Despite many altcoins trading at just a fraction of their ATHs, many analysts still fear that the worst is yet to come. These market conditions point towards a bearish Algorand price prediction.
According to official Algorand news, the biggest event of the project is going to take place from Nov 28 – Nov 30 in Dubai. This event known as Decipher is the annual meeting of the builders, investors and thought leaders to discuss the future of the Layer 1 blockchain.
Technical analysis of Algorand crypto clearly shows the price action inside a falling wedge pattern. Although a falling wedge is a bullish pattern it only activates once the price breaks out in the upward direction. In event of a successful breakout, the ALGO price is expected to target the top of the wedge i.e. $0.50.
However, it must be noted that the price action of most altcoins is tied to the Bitcoin price action. Therefore, a fresh Bitcoin low might trigger another bearish leg for Algorand. Nevertheless, most of the market indicators are already over-extended, indicating that the bottom might be already in.
This post was last modified on Jul 04, 2022, 16:35 BST 16:35