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Algorand price prediction – Despite 15% dip, will ALGO remain bullish?

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There were a cluster of long liquidations around the $0.205 region that Algorand’s prices visited recently.

Algorand price prediction - Can ALGO see a 15% dip?

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  • 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?

Algorand 1-day Chart

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?

ALGO Liquidation Heatmap

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.

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Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
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