Algorand (Algo) Price Is Expected to Break Down Further Towards $0.24

Algorand (ALGO) price is showing bearish signs and is expected to break down below the $0.29 range. This would take its price to a new yearly low and potentially accelerate the rate of decrease.

Since May 12, ALGO has been trading in a range between $0.29 and $0.37. On Sept. 23, the price reached a high of $0.41.

This seemed like a breakout above the top of the range. However, it has been falling since, rendering the supposed breakout (red circle) as only a deviation.

This downward price movement was also combined with an RSI drop below 50 (red icon), which is considered a sign of a bearish trend.

On Oct. 13, the ALGO price reached a low of $0.29, just above the bottom of the range.

Due to the deviation above the range high and bearish RSI readings, an eventual breakdown from this range is expected.

Can ALGO Bounce Before Breaking Down?

The ongoing decrease since Sept. 24 has so far been contained inside a descending parallel c