ALGO Price Analysis

The altcoins market enters a high-speed recovery phase as Bitcoin surpasses the $40K mark, reflecting a greed-filled market. Capitalizing on the market boost, as the high demand enters Algorand’s dominion, ALGO price skyrockets to create multiple bullish candles. 

As the market value sustains the 200D EMA, the dynamic support acts as a bounce pad to launch Algorand’s price beyond $0.15. Further, the breakout phase supports the ALGO price prediction of a bull run to $0.20. 

Source- TradingView

With a trend reversal evidently clear in the daily chart, the ALGO price sustains the bullish trend as it bounces from the 200D EMA. Further, the increasing trend in trading volumes supports the rise in Algorand’s price trend, adding credibility to the uptrend.

Forming four consecutive bullish candles, Algorand capitalizes on the market recovery and gives a range breakout. Rising more than 15% in the last four days, the bullish trend approaches the next resistance at $0.1717.

With the range breakout candle giving a solid closing, the high supply pressure ahead teases a retest to pushback. Further, the higher price rejection in the current daily candle teases a similar hypothesis. 

Currently, Algorand price trades at $0.1548 with an intraday growth of 2.31% following the 2.43% jump last night.  

Technical indicators:

RSI indicator: The RSI line in the daily chart reflects an approach to the overbought boundary. However, the line flattens before reaching it and reflects growing underlying hitting a potential stagnancy. 

EMA: The bullish trend sustains due to the dynamic support of the 200-day EMA. Further, the uptrending 50D EMA teases a golden crossover. It will certify Algorand’s trend reversal and increase the uptrend possibility.

Will ALGO Price Cross $0.1717?

With the high-speed recovery ready to extend the positive journey, the buyers are ready to prolong the $0.15 breakout rally. With higher high formations, the ALGO price shows the potential to cross $0.15. Therefore, the altcoin shows the potential to cross $0.1717 and attempt a bull run to $0.20. 

On the flip side, a reversal under $0.15 can retest the $0.1277 mark.

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Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he’s trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he’s not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.