Algorand

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/algo-price-analysis-new-selling-spree-warns-algo-price-fall/">ALGO Price Analysis:&nbsp;New Selling Spree Warns ALGO Price Fall!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
Being one of the top coins on the losers chart, the ALGO coin price takes a critical hit this week. With a bullish failure to sustain the rise in demand, the Algorand market value plunges back to its pre-rally levels.&nbsp;
Despite the intense supply inflow, the possibility of a bounce back reflects the interest at lower levels. Due to such dynamics, the <a href="https://coinpedia.org/price-prediction/algorand-algo-price-prediction/" rel="noopener noreferrer nofollow">ALGO price prediction</a> remains optimistic for the altcoin’s journey in the coming months.&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="478" src="https://image.coinpedia.org/wp-content/uploads/2023/10/19121810/ALGOUSD_2023-10-19_11-32-21-1024x478.png" alt="" class="wp-image-238016" srcset="https://image.coinpedia.org/wp-content/uploads/2023/10/19121810/ALGOUSD_2023-10-19_11-32-21-1024x478.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/10/19121810/ALGOUSD_2023-10-19_11-32-21-300x140.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/10/19121810/ALGOUSD_2023-10-19_11-32-21-768x359.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/10/19121810/ALGOUSD_2023-10-19_11-32-21-1536x718.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/10/19121810/ALGOUSD_2023-10-19_11-32-21-150x70.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/10/19121810/ALGOUSD_2023-10-19_11-32-21.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px">
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The ALGO price trend reveals a resistance trendline in the daily chart when facing an overhead supply inflow at regular intervals. During a rejection from the trendline, the trend formed a low at $0.088 before leading to a promising reversal.&nbsp;
Upon crossing the dynamic resistance of the 50-day EMA, the probability of a trendline breakout was bullish. However, despite the Uptober season, the prices failed to overcome the intense selling pressure, leading to another distribution phase.&nbsp;
Currently, retesting the bottom support of $0.088 after losing the critical $0.10 mark, the lower price rejection reflects a bounce-back possibility. As of now, the ALGO price trades at $0.090 and forms a Doji candle.&nbsp;
With the Doji candle in action, the possibility of a morning star appeals to sideline traders waiting to ride the next accumulation phase.&nbsp;
Technical indicators:
RSI indicator: The RSI line displays a minor bullish divergence in the dips to $0.088, promoting the comeback thesis for Algorand.&nbsp;
Exponential moving averages: The downtrend continues as the trend fails to sustain above the 50-day EMA.&nbsp;
<h2 class="wp-block-heading" id="h-will-algo-price-jump-higher-from-0-10">Will ALGO Price Jump Higher From $0.10?</h2>
The ALGO prices must sustain above $0.088 to reclaim the trend momentum and avoid a new lower low formation. Doin so will increase the likelihood of a bullish comeback in the long run and tease the trendline breakout.&nbsp;
The ongoing Doji formation phase provides a lucrative morning star possibility to sideline buyers. In addition, the upcoming market-wide recovery expected this month will likely drive a new altcoin season. In a ripple effect, the chances of Algorand rising above $0.10 to cross $0.15 improves significantly.
If the ALGO price fails to reclaim momentum, the downtrend could reach a new low of $0.081.

ALGO Price Analysis: New Selling Spree Warns ALGO Price Fall!

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