Algorand price continues to pack negative price action throughout the month of November. The altcoin has depreciated by more than 40% since the beginning of this month. Over the last 24 hours, ALGO has just risen by 0.6% on its chart, emphasizing continued lateral price movement.
Currently, the coin has been stuck at a crucial resistance level. The technical outlook points in a direction where ALGO might not make a price comeback soon enough. The buying pressure has dropped considerably, which has reflected the fact that the coin has been undergoing a massive sell-off. If Algorand is to come under bullish influence, buyers have to immediately re-enter the market.
The asset’s price action is expected to become even more congested at the $0.20 level if the bears halt movement above the $0.23 mark again. It remains to be seen if Algorand reclaims the $0.24 price level.
Algorand Price Analysis: One-Day Chart
Algorand was priced at $0.23 on the one-day chart | Source: ALGOUSD on TradingVi
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