- Algorand has a strongly bullish structure on the higher timeframes.
- The DeFi protocol’s Total Value Locked has increased by more than 50% in November, likely driving gains.
Algorand [ALGO] saw massive price gains in November. The mythical “Uptober”, a bullish October, saw ALGO hover around the $0.117 support zone. In November, ALGO has rallied by 97% so far.
A bearish divergence between price and momentum could result in a pullback. However, the heavy buying activity in recent days showed that any retracements would likely be shallow and quick.
Long-term downtrend still in play?
Source: ALGO/USDT on TradingView
Based on the downtrend from March to August, a set of Fibonacci retracement levels were plotted.
The showed that the 61.8% and 78.6% retracement levels at $0.2397 and $0.2794 were substantial resistance levels for ALGO bulls to beat.
In the short-term- meaning this week — the Algorand price prediction is leaning bearish. This is because the market is potentially overextended, with the RSI forming a bearish divergence.
Since Bitcoin [BTC] is still above $90k, crypto market sentiment was bullish. A BTC drop below $89.5k could incite heightened short-term selling.
A retest of the $0.16 level would be an attractive buying opportunity, but as things stand such a deep drop might not arrive. The $0.184 and $0.209 are the closest support levels to watch.
Algorand price prediction — Bullish reversal ahead?
Source: Coinglass
There were a cluster of long liquidations around the $0.205 region that Algorand prices visited recently.
Realistic or not, here’s ALGO’s market cap in BTC’s terms
This sweep of the liquidity pool would likely yield a positive reaction in the next 2–3 days and could see ALGO rally toward the $0.235 region.
Below $0.205, the $0.178 and $0.167 were also attractive magnetic zones that could see a bullish reversal in the coming weeks.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
