Algorand (ALGO) Price Prediction: What's Next After 97% November Rally?

Algorand [ALGO] saw massive price gains in November. The mythical “Uptober”, a bullish October, saw ALGO hover around the $0.117 support zone.

After a lackluster “Uptober”, where BTC slipped below $92k and most altcoins posted minimal gains, November has seen a crypto bull rally in full swing. Bitcoin prices soared past the $90k mark once again on 4 November and have remained above this level since then.

As a result, altcoins have also seen a fresh wave of buying activity. Among these, Algorand [ALGO] prices surged by 97% in November so far.

While BTC prices remained in a long-term uptrend, ALGO prices were still in a downtrend on higher time frames. A bullish reversal from this downtrend could be on the cards soon.

ALGO prices saw a massive rally in November. Can it continue?

After a prolonged downtrend from March to August, ALGO prices began to recover in September. This uptrend gained steam in October and November.

Plotting Fibonacci retracement levels on this downtrend highlighted key resistance levels for ALGO bulls. These levels were at $0.2397 and $0.2794, and they also marked the 61.8% and 78.6% retracement levels, respectively.

ALGO prices also saw a bearish divergence on the 4-hour chart. This divergence was highlighted by a lower high on the price chart and a higher high on the RSI.

Such a divergence usually precedes a pullback in price. However, the heavy buying activity in recent days could ensure that any retracements were shallow and quick.

According to the ALGO price prediction from last week, any dips below $0.184 would be an attractive buying zone for the coming week.

On lower time frames, a set of moving averages also pointed toward a bullish bias in the short-term.

However, the RSI on the 4-hour chart showed a bearish divergence, suggesting that ALGO might see a pullback in the next 2-3 days.

A retest of the $0.16 level would be an attractive buying opportunity, but as things stand, such a deep drop might not arrive. The $0.184 and $0.209 support levels were the closest to watch.

ALGO prices visited the upper Bollinger Bands over the past few days, indicating that the market was potentially overextended.

Such a scenario usually results in a quick pullback, and ALGO prices could drop to the middle Bollinger Band over the next 2-3 days.

However, strong buying activity could see this pullback arrested quickly. A bullish divergence on the RSI could also support a bullish reversal from this pullback.

A cluster of long liquidations were seen around the $0.205 region, where Algorand prices visited recently. This sweep of the liquidity pool would likely yield a positive reaction in the next 2–3 days and could see ALGO rally toward the $0.235 region.

Below $0.205, the $0.178 and $0.167 were also attractive magnetic zones that could see a bullish reversal in the coming weeks.