Algorand price is in its final decline towards $0.36

Algorand price is seeing an uptick in bearish momentum on the volume indicator.
ALGO price appears to be coiling within an ending diagonal formation.
Invalidation of the bearish scenario is a close above $0.45.

Algorand price signals “the end is near”

Algorand price is still declining since the steep decline into lows at $0.36 on May 12. The ALGO price action's time-consuming market behavior appears to form a C wave ending-diagonal pattern, which means the downtrend will soon end. However, the bulls should be careful not to buy Algorand price too early as the technicals indicate one more downswing could occur while maintaining the structure of the notorious reversal pattern.

Algorand price has shown a subtle ramping pattern on the volume profile, adding further bearish confluence. If the technicals are correct, a final capitulation low could occur to the $0.36 zone before the anticipated countertrend rally towards $0.56 begins. Traders should consider waiting on the sidelines for lower targets or jump in at the sight of a bullish breakout.

ALGO/USDT 3-Hour Chart

Still, having an invalidation level is essential for such a challenging market. Algorand price needs to breach and close above the $0.45 level to consider the completion of the ending diagonal pattern. If this bullish event happens, consider the downtrend scenario over A $0.57 ALGO price could be the next bullish target, resulting in a 35% increase from the current Algorand price.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.