Algorand Completes Lowest Weekly Close in More than a Year, a Bounce to $1?
- ALGO price closed this week with weekly lows never seen in more than one year.
- The current downtrend in Algorand has stayed for more than 100 days.
- The crypto might secure technical support of around $0.71, but downward risks remain.
ALGO saw its price hitting massive lows before rebounding from a vital FIB level. However, the alternative coin uncomfortably hovers near 2022 lows. Nevertheless, Algorand’s weekly chart might suggest an impending recovery for the token.
ALGO Price Contemplates Massive Rebound to Retest $1
For now, Algorand has its price around a level with no dependable foothold at Ichimoku Kino Hyo or other technical zones. The nearest support level stands at the 88.6% FIB retracement of $0.74. Remember, ALGO breached this level two weeks ago to touch new 2022 lows.
Besides registering the 2022 lowest mark within the previous week, last week’s close had the alt on its lowest since 29 January 2021. Some relief might be upcoming on the current weekly candle as buyers resurge to back ALGO price at the 88.6% FIB retracement at $0.74.
The weekly Ichimoku price shows Algorand is an authorized Ideal Bearish Ichimoku breakout. Remember, ALGO saw similar conditions on 11 February 2022, weekly candle. Nevertheless, weekly oscillators suggest a possible and looming bullish reversal.
For now, the weekly Composite Index sits at the 2nd-lowest zone in the alt’s price function history. The extreme lows unveil a concealed bullish divergence. Meanwhile, the Composite Index exhibits a lower low than October 2022 trough. Furthermore, the colossal gaps between weekly candles bodies plus Tenkan-Sen support a reversal to $1.
Algorand contemplates a rebound to test the $1 mark. That comes after the token presented its lowest weekly close for more than one year. Meanwhile, ALGO’s current downside trends have persisted for over 100 days. The altcoin might secure technical support at $0.71 but might still slide lower.
For now, the crypto market attempts to recover after the latest slump. While publishing this content, the global market capitalization stood at $1.76 trillion, following a 0.86% increase over the past few days. Broad market sentiments remain essential for Algorand’s price trends.
Editorial credit: mundissima / shutterstock.com