The Algorand (ALGO) price trades inside a crucial horizontal support level. The reaction to it could determine the future trend.

While the daily timeframe readings and price action are inconclusive, the short-term wave count suggests that a bottom has been reached, and a significant bounce will follow soon.

Algorand Price Trades Inside Crucial Support

The daily time frame technical analysis does not provide enough evidence to determine the future direction of the ALGO price trend for several reasons.

Currently, the ALGO price is trading slightly above the significant support level of $0.11, corresponding to the 0.618 Fibonacci retracement level. According to the theory of Fibonacci retracement, there is usually a partial retracement or return to a previous price level after a significant price movement in one direction.

The 0.618 Fib level holds particular importance as it helps determine whether the price decline is merely a corrective phase.

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Author: Valdrin Tahiri

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