Algorand’s price forecast depends on the direction of the breakout from the down wedge pattern. ALGO prices have been trading within this pattern since mid-May 2022. Coins did not rise, despite relying on the recent rise in cryptocurrencies. The price was rejected from the wedge top line and the breakout failed.
as a result, Argo Price retested support for $ 0.27- $ 0.28 again. Nevertheless, support weakens after multiple retests and can break in the next retest. Algorand coins have been on a downward trend since the beginning of the year.
Recent rate hikes and the general risk-off approach have further intensified sales. As a result, prices have fallen 86.5% from last year’s high of $ 2.35. Many altcoins are traded on just a small part of ATH, but many analysts are still afraid that the worst will come. These market conditions show a bearish Algorand price forecast.
According to official Algorand news, the biggest event of the project will be held in Dubai from November 28th to November 30th.This event known as Decoding Is an annual meeting of builders, investors and thought leaders to discuss the future of Layer 1 blockchain.
Algorand Price Forecast
A technical analysis of the Algorand Cryptography clearly shows the price action within the down wedge pattern. The down wedge is a bullish pattern, but it only activates when the price rises upwards. If the breakout is successful, ALGO’s price is expected to target the top of the wedge, $ 0.50.
However, it should be noted that most altcoin price actions are related to Bitcoin price actions. Therefore, a fresh Bitcoin low could trigger another bearish leg in Algorand. Nevertheless, most of the market indicators are already over-expanded, indicating that the bottom may already be in place.
ALGOUSD4H Price Chart
