Archived Article This article was published more than 5 months ago. The market data, prices, forecasts, and analysis were accurate at the time of publication but may have changed since then. Please use this article for historical reference only and refer to our latest content for current market information.
- The Algorand Price bucked the trend yesterday, dropping 7% despite Bitcoin surging to $55k. ALGO is now 30% below the September high
The Algorand Price bucked the trend yesterday, dropping 7% despite Bitcoin surging to $55k. ALGO is now 30% below the September high and testing trend support, which may offer bulls an attractive entry point. Even though Algorand (ALGO) has gained 10% in the last seven days, its performance is mixed over the month.
In mid-September, ALGO jumped to a record price of $2.55 but finished the month 35% lower at $1.62. So far, October is faring similarly. The Algorand price climbed 30% in the first four days to $2.09 before sliding to $1.77 today. However, considering the combined cryptocurrency market cap has claimed over $400 billion this week, Algorand buyers may emerge on the dip.
ALGO price Forecast
The 4-hour chart shows that despite rolling over, Algorand remains in a four-week uptrend. The rising trend line from the 7th of September low at $1.03 currently supports the price at $1.73. As long as ALGO stays above the trend line on a closing basis, it should continue to trade higher. If the trend support holds, the first target on the upside is the 4th of October high at $2.09, followed by the ATH of $2.55.
If ALGO loses trend support, the obvious target is the band of support between $1.50-$1.55. However, if the price drops below $1.50, the outlook turns decidedly bearish, targeting the August high at around $1.25.
Algorand Price Chart (4-hour)
For more market insights, follow Elliott on Twitter.