The price of Algorand (ALGO) has shown significant growth in recent weeks, reaching nearly $0.31. Despite this, some analysts indicate a possible pullback.
Growth of Algorand (ALGO) Price
Since mid-June, ALGO's price has more than doubled, rising from around $0.14 to nearly $0.31. Currently, the price is hovering around $0.29.
Bearish Signal from TD Sequential
Crypto analyst Ali (@ali_charts) raised alarms, stating that the TD Sequential indicator on the daily chart is flashing a sell signal. 'Algorand $ALGO could face a short-term pullback,' he noted. The TD9 signal has historically marked trend exhaustion.
Current Support Levels
On the daily chart, strong technical support is present near $0.24. This level aligns with the 78.6% Fibonacci retracement from the recent breakout, reinforcing its significance.
Although a short-term pullback seems likely, long-term holders of ALGO may see this dip as a buying opportunity. It is crucial to monitor price behavior in the coming days and observe support levels.
