Algorand (ALGO) price failed to break out of the $0.26 resistance area and it could start a short term pullback. The price of popular altcoin Algorand has slumped since reaching an all-time high of 2.99 dollars in November 2021. The drop in price caused the minimum price to fall to 0.16 dollar in December 2022.
Measured from its all-time high, this drop represents a 94.68% decline. Moreover, the severe depreciation caused a breakout of the horizontal support area of 0.18 dollar which has been in effect since the bull run started in March 2020.
As of the current position, ALGO price is struggling to break out of the 0.25 dollar resistance area. If the altcoin’s attempt is successful, it could start an upward move at the next resistance level at 0.43 dollar. The weekly relative strength index (RSI) is posting a bullish move as it moves up after forming a bullish divergence.