On the 12-hour chart, Algorand Price Prediction 2022 has sliced below the lower border of the descending triangle formation, sparking a 38 percent drop that might push ALGO lower toward $0.50, the current chart pattern’s bearish target.
Let’s Examine Algorand’s Technical Movement:
Algorand Price Prediction 2022
The first line of defence for Algorand price is at the $0.71 low on June 23, followed by the $0.67 low on June 21. Further selling pressure could take ALGO lower, possibly to the 127.2 percent Fibonacci extension target of $0.62.
If the bulls come to the rescue, Algorand price may attempt to hit the 21 twelve-hour Simple Moving Average (SMA) at $0.89; which coincides with the 78.6 percent Fibonacci retracement level, before attempting to reach the negative trend line of the descending triangle formation at $0.81.
Algorand price could hit the 50 twelve-hour SMA at $0.94, connecting with the top boundary of the prevailing chart pattern; if more purchase orders come in.
The bearish narrative may be refuted if Algorand price slices above the topside trend line of the governing technical pattern.
The price of Algorand may continue to rise, with the 50 percent retracement level at $1.05 as the next goal; however, the resistance line provided by the Momentum Reversal Indicator (MRI).
The 38.2 percent Fibonacci retracement level at $1.11, which intersects with the 100 twelve-hour SMA, will be a bigger target.
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