The Algorand price has failed to break above the $0.429 resistance level for the past three trading sessions. Instead, it has traded along the price level, piercing it and losing momentum to continue with the upward trend.
However, despite the recent struggle in the market, Algorand has mostly traded against the current bearish trend of the cryptocurrency industry. Therefore, in the past three weeks, while the industry has risen by about 10 per cent, the Algorand price has outperformed the markets by going up by more than 45 per cent. Algorand’s trading volume has also been in an upward bullish trend for the past few weeks, indicating a surge in its usage.
The Algorand price is up by more than 7 per cent in today’s trading session, wiping out yesterday’s 5 per cent drop. However, as seen in the chart below, the past three trading session has seen Algorand trading in a sideways market, despite having momentum and volatility. The chart also shows price has traded along the $0.429 resistance level but has failed to break above it and continue with the trend.
However, looking at the long-term trend of Algorand, we can see its value has surged by more than 45 per cent in the past three weeks. The chart also shows that, before yesterday, Algorand was trading in an aggressive bullish trend.
Therefore, based on both the long-term and short-term price action, my Algorand price prediction expects the prices to continue with the current bullish trend. I expect Algorand to finally break above the $0.429 resistance level and, in the next few trading sessions, continue trading above the price level. There is a high likelihood that, for the long-term, we might see Algorand’s price approaching, hitting and trading above the $0.5 price level.
However, should the price reverse and trade below today’s opening price of $0.40, my bullish analysis will be invalidated. It will also signal a possible sideways or bearish market.
This post was last modified on Nov 07, 2022, 19:17 GMT 19:17