The Algorand price has not moved by much in today’s trading session and has traded relatively stable. However, in the past two trading sessions, the cryptocurrency has trended downwards, closing the markets with a loss of 2 per cent on Tuesday and extending the bearish trend by 1 per cent during yesterday’s session.
When put into a wider context, the past few days’ trading sessions have been an extension of what has been happening in the month of August and, by extension, the whole of 2022. In August, Algorand’s price fell by 14 per cent, reversing all the bullish gains made in July. However, before July, the crypto had been in an aggressive bearish trend that has seen it dropping by over 80 per cent year-to-date.
Algorand Price Prediction
There are many factors that have caused the current bearish trend. One of these factors is the cryptocurrency industry struggling throughout the year. Algorand, which is positively correlated with almost all major coins, and in most cases, moves in the same direction as the cryptocurrency industry, has seen itself get trapped by the current bearish market. The result has been a drag to the downside despite it having achieved developmental milestones throughout the year.
Today, the same impact of the bearish cryptocurrency market continues to play an important role in the trend of the Algorand price. Therefore, as long as the trend remains as it is right now, there is a high likelihood that we will continue to see prices continuing to drop.
My Algorand price prediction expects the prices to drop and trade below the $0.27 support level in the next few trading sessions. There is a high likelihood that we may see the prices dropping as far down as below the $0.250 price level. This bearish analysis will only be invalidated by prices trading above the $0.30 price level.
Algorand Daily Chart
