Algorand (ALGO) currently holds a market cap of $1.08 billion, placing it at the 70th position in the crypto market. The price of ALGO is trading at $0.1306, marking a 7.15% increase in the last 24 hours.
With a bullish momentum in play, there is speculation whether the price of Algorand tokens will surge to $0.18. Our latest analysis delves into this potential scenario.
ALGO Price Analysis
The formation of a morning star pattern at the $0.11 psychological support has propelled the bullish trend in the Algorand token. Over the past four days, the price has climbed to $0.1304, supported by four consecutive bullish candles.
The ongoing recovery rally is challenging a crucial neckline around $0.13, while the daily chart indicates a resistance trendline from the previous downtrend. This rally poses a potential breakout against the bearish pressure.
Technical indicators:
MACD: The MACD and Signal line show a bullish crossover amidst the rising bullish sentiment, accompanied by positive histograms.
SMAs: The uptrend has surpassed the 50-day simple moving average and is poised to test the 200-day SMA.
Will ALGO Price Reach $0.20?
At a pivotal juncture, the upcoming price trend will dictate the fate of Algorand tokens. A bullish breakout could target the 23.60% Fibonacci level at $0.14, aligning with the 200-day SMA. Further upside potential includes the 50% Fibonacci level near $0.1867. Conversely, a bearish reversal may test the 50-day SMA at $0.1245, followed by crucial support at $0.11.
FAQS
ALGO is currently priced at $0.1306, reflecting a 7.15% gain over the past 24 hours.
Key price targets for ALGO include $0.14, $0.1867, and potentially $0.35 in the event of a sustained bullish breakout.
Crucial support levels for ALGO are situated at $0.1245 (50-day SMA) and $0.11 (psychological level).
