Algorand Technical Outlook With 45% Upside and Downside Targets

ALGOUSD is under pressure with a 45% downside risk to find a strong support level. That would present traders with a good buying opportunity.

Alternatively price may consolidate at the current level, preparing to re-test the level 45% above current prices.

The MACD is turning red as of this week which suggests that momentum is weakening so we remain cautious of taking any long positions at this point.

We will monitor in the coming days and weeks to catch Algorands trends.

Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.