Algorand Price Prediction Today, October 28, 2022: ALGO/USD Triggers Selling Pressure

Price action in the ALGO/USD market broke upside out of a falling wedge triangle pattern. Subsequently, this activity has triggered some selling pressure, and this has resulted in price retracing to the downside.

ALGO Forecast Statistics Data:
ALGO’s current price: is $0.3313
Algorand market cap: $2.35 billion
Algorand circulating supply: 7.1 billion
ALGO total supply: 7.29 billion
Algorand Coinmarketcap ranking: #29

Crucial Price Levels:
Resistance: $0.3343, $0.3373, $0.3403
Support: $0.3313, $0.3300, $0.3280

Algorand Price Prediction Today, October 28, 2022: ALGO/USD Retraces off a Strong Resistance

Following the upside breakout ALGO/USD of price movement from a falling wedge triangle trading pattern, price action appears to have found a strong resistance. This resistance is found at around $0.3500, just after a bullish price candle tested this resistance level. Mean While the Stochastic RSI keeps rising higher into the overbought region. Therefore, we can still anticipate further upward price climb perhaps above $0.3500, this is because price candles are still above the SMA curve. Eventually the resistance found near $0.3500 may be eventually broken.

Algorand Price Prediction Today, October 28, 2022: ALGO/USD Drops Lower

On the four hours, chart price candles can be seen falling below the SMA line after failing to obtain support above the 61.80 Fibonacci level. At the same time, the Stochastic RSI plunges further into the oversold area. Going by the fact that the price of candles has fallen below the SMA, we can expect Algorand’s price to fall lower to around 0.3280. On the contrary, the RSI has quickly reached the oversold area, this implies that an upside correction or retracement can occur soon. Subsequently, the upside move may resume and the price will move toward the $0.3360 level.

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