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$Algo Algorand Price Prediction – This support MUST hold or else…

 


The Algorand course has been correcting for a few weeks. The price is now down around 70%. But the most important question is: How far will the price go down and what are the goals of the correction? So that you know where to get started with Algorand, we are going to analyze the Algorand price chart today.


The Algorand course has been running an ABC sequence for the last few months. This ABC sequence had the target of $3.3 - $3.9. Since price has advanced to $2.95, we have assumed that price sees the sequence as complete. Shortly after the price started the correction, it hit the GoldenPocket ($1.25) of the full move up. Here the course found support for four weeks. However, the GoldenPocket was broken by the crash last week, which is why we are now assuming even lower prices. We also expect a downtrend rather than an uptrend for the foreseeable future. The GoldenPocket is mostly used to continue an uptrend or to end the correction to make new highs.


Algorand price has support around $0.68. This support then served as a bottom after the bitcoin price fell to $30,000. If the $0.68 fails to hold, things could turn dire for the Algorand price. The price could drop to $0.37 if $0.68 fails to hold. There lies the next major support. Thus, the price would experience -60% again. The indicators in the weekly chart are not yet showing a trend reversal. If the price rises a bit more this week, there could be a small recovery. However, the overall target of $0.37 is still intact.

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