
Algorand (ALGOUSD) inched slightly lower in its latest intraday trading after previously easing its oversold conditions on the relative strength indicators. However, those indicators have now entered extremely overbought territory compared to the price movement, suggesting a potential bearish divergence that could intensify the downward pressure on the cryptocurrency. This comes while the main short-term bearish trend remains dominant, with trading aligned along a descending line that reinforces this direction.
Therefore, we expect the cryptocurrency to decline in its upcoming intraday trading as long as the resistance level of $0.1694 holds, targeting the support level of $0.1320.