3D rendering algorand cryptocurrency coin on colorful background, cryptocurrency concept color art
Algorand (ALGO) price is having a strong rebound from its all-time lows. ALGO crypto plummeted to its lowest level in history in June 2023. The bearish news and the weak BTC price action fueled this downtrend. The latest analysis reveals that the current bounce may soon turn into a bullish reversal pattern.
On Tuesday, most altcoins turned red as the BTC dominance increased once again. Altcoins had a good run in the past few days but entered a consolidation phase as Bitcoin broke above $31,000. After a 3.81% surge on Monday, ALGO price retraced 1.56% today.
There were both fundamental and technical reasons due to which ALGO price tanked to its lowest level in history. The biggest reason was the Securities and Exchange Commission’s (SEC) lawsuit against Bittrex exchange which labeled ALGO and 4 other coins as securities.
The US regulator, reiterated its stance on Algorand once again in its lawsuit against Binance in June. This led many analysts to believe that the coin could be delisted from major exchanges and caused panic among the holders. However, the Binance lawsuit marked the button for the Algorand price.
The following ALGO price chart reveals that the price failed to close below its 2020 lows due to strong demand below the $0.10 level. Since then, the price has surged 39%, and there is still room for more upside. The most critical level on the chart is the $0.16 level which was previous support and may now act as a resistance.
Algorand price prediction is looking bullish due to the strong rebound from the lows. In the coming days, I expect a retest of the $0.16 level, which will be a 28% price increase from the current level. The invalidation of this move will be a daily candle closure below $0.1134.
I’ll keep posting my updated ALGO analysis and my personal trades on Twitter, where you are welcome to follow me.
This post was last modified on Jul 04, 2023, 13:08 BST 13:08