On July 18, Algorand pierced the $0.36 resistance level, and in the next few trading sessions, it traded along that price level. By July 20th, Algorand had started a long-term bearish trend that resulted in a 20 per cent drop.
However, since the stop of the long-term bearish trend, Algorand’s price has been trading in a sideways market, failing to make gains or establish another trend. Today, the trading sessions is up by 2 per cent. Despite the price gains, the trend still remains in a sideways market, and there is a high likelihood that today’s gains will be wiped out in the next few trading sessions.
Part of the reason we have seen Algorand struggling in the markets is due to the current global cryptocurrency market also trading in a choppy market. In the past few trading sessions, the global cryptocurrency market’s total capitalization has been around $1 trillion. The markets have also failed to establish a trend, whether bullish or bearish. The result has been most altcoins, which are positively correlated to the industry, also follow the same trend, which has resulted in the current sideways market for most cryptocurrencies.
Algorand Price prediction
Looking at the current price action of Algorand, the trend for the next few trading sessions looks likely to be sideways. Part of the reason for this is due to the price action of the past week, where gains made were erased in the trading sessions that followed.
Therefore, my Algorand price prediction expects the prices to continue trading in the choppy markets. There is a high likelihood that the current sideways market will continue for the next few trading session or coming weeks. Looking at the current trend of the entire cryptocurrency industry, where it also remains in a sideways market, the sideways trend for Algorand is, therefore, likely to continue being a long-term trend.
However, should the prices hit and trade above the $0.36 resistance level again, then my sideways analysis will be invalidated. It will also mean a likely move to the upside.