AlGO Price drops 8%: Time To Buy ALGORAND As It Dips?

• ALGO Price In Steep Decline With A 20% Drop Since August 22
• Opportunity to Buy the dip As Algorand Pulls Back
• Slight uncertainty in crypto market affecting altcoins with many recording considerable pullbacks.

The ALGO price has seen a steep retracement over the past 24 hours with a drop of over 8% to the $0.94 level. With Bitcoin being rejected at the $50,000 level, the whole cryptocurrency market has experienced a considerable fall. Most of the past gains over the week have been wiped out as profit taking takes place.

Although there has been a considerable drop in the ALGO price, the ascending triangle which began on 21 July is still more or less intact. Algorand reached a high of $1.22 on 22 August which is a gain of over 75% from the July 20 low of $0.78. At present, ALGO is trading at the $0.98 level and a further pullback is expected at least on a short-term basis.

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Short Term Prediction For ALGO Price: A Period Of Consolidation Before Another Move Up

The ALGO price is currently in decline after having reached a high of $1.22 on 22 August. Although the drop of 20% has been quite fast, there appear to be strong levels of support from which a bounce will probably occur.

If a bullish thesis were to prevail, the ALGO price would quickly regain the $1 level after which it would possibly make a beeline for the $1.10 mark. This scenario seems very unlikely however with the current bearish scenario in the crypto market.

At this point a bearish thesis is the more likely short-term prediction. Having lost over 8% over the past 24 hours, the ALGO price will most likely descend to the $0.95 where there is strong support. A further sell off would see the price decline to the $0.90 mark where again support levels are quite strong.

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Long Term Prediction For ALGORAND: Still Bullish Although Pullbacks Will Remain

After having risen around 70% over a 1-month period, the ALGO price has been in retreat over the past few days. The continued uncertainty of the Bitcoin price continues to cast a shadow over altcoin performance and ALGORAND is no exception.

Still, although short-term a bearish scenario seems to be unfolding, the long-term outlook remains bullish. A considerable bull run is expected to start around October with some analysts predicting that the ALGO price should once again reach the ATH of around $1.70 registered in April. That would be an 80% appreciation from the current price of $0.96.

Where to Buy Algorand

If you want to purchase ALGO, you can do so on the following exchanges:

• eToro
eToro is one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
• Binance
The other platform where you can buy AAVE is Binance . Binance is one of the largest exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. It also offers user-friendly features.

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