Algorand (ALGO) has fallen by nearly 50% over the past year and is currently trading around $0.12. Technical analysis suggests a situation where short-term rebound potential and long-term downside risk are intertwined.

First, from a short-term perspective, the support levels from $0.087 to $0.106 are being closely watched. If these hold, a rebound of Algorand’s price to $0.14 to $0.16 can be expected. It’s also been noted that if buying pressure increases, the price could rise as high as $0.25. However, according to the OBV, sell pressure remains strong, and while the RSI is neutral, it still leans slightly bearish. The declining trading volume is evidence that the market has not yet determined a clear direction.

On the other hand, from a broader perspective, the Algorand price forecast is quite pessimistic. Based on Elliott wave patterns, further substantial declines are suggested leading into 2027, with a potential drop to $0.030 to $0.037. This would mean a decline of more than 75% from the current level.

What to pay attention to now is the $0.121 level. If the price breaks above it, the rebound could accelerate; if it falls below it, the market would likely quickly test lower support levels. For short-term traders, the rebound phase may create an opportunity to take profits, but that would be only a temporary move. In the long run, it’s important to anticipate the resumption of the downtrend.