- Algorand price lost 22% of market value over the weekend.
- ALGO price has sharply declined and has produced a classic ramping pattern on the Volume Profile Indicator.
- Invalidation of the bearish thesis is a breach above $0.27.
Algorand (ALGO) price is witnessing a severe decline on November 21. ALGO could print new two-year lows if market conditions persist. Key levels have been defined to gauge ALGO next potential move.
Algorand price is in trouble
Algorand price has declined by 47% since the start of November. During the downswings, the bulls have struggled to retaliate for more than a day or so before the bears initiate another attack. On November 21, the ALGO price endured a 20% fall since the weekend, showing strong signals that more losses will be on its way.
Algorand price currently auctions at $0.24 as the bears have forged a steep decline during the New York session. As the downmove persists, it is hard to avoid the ramping pattern that the Volume Profile Indicator has produced. Bears in the market are likely aiming for the $0.23 lows, which could provoke a much larger sell-off if knife-catching bulls remain sidelined. The next key area would be the $0.21 barrier, which has remained outside of ALGO’s reach since 2020.
ALGO/USDT 1-day chart
Invalidation of the bearish idea could occur if the bulls manage to hurdle the 8-day exponential moving average at $0.27. If the bulls can reacquaint with the invalidation point, an additional uptrend rally targeting the 21-day simple moving average at $0.31 would be on the cards. Such a move would result in a 35% increase from the current Algorand price.
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