The post ALGO Price Gears up for $0.18 as Bulls Anticipate Breakout Rally? appeared first on Coinpedia Fintech News
With a market cap of $1.08 billion, ALGO price is currently ranking at 70th position in the crypto world. The ALGO token, trading at $0.1306, has increased by 7.15% in the past 24 hours.
With a bullish recovery at play, will the bull run in Algorand tokens surge to $0.18? Let’s find out in our latest ALGO price analysis article.
ALGO Price Analysis
With a morning star pattern formed at the $0.11 psychological support, the bullish trend in the Algorand token is gaining momentum. It has soared higher to $0.1304 in the past four days with four consecutive bullish candles.
With this recovery rally, the ALGO price action challenges a critical neckline near $0.13. Furthermore, the daily chart highlights a resistance trendline based on the previous prevailing downtrend. The ongoing recovery rally challenges the bearish influence and teases a potential breakout ahead.
Technical indicators:
MACD: Amid the rising bullish influence, the MACD and Signal line gives a bullish crossover with a surge of positive histograms.
SMAs: the uptrend has surpassed the 50-day simple moving average line and is ready to challenge the 200D SMA.
Will ALGO Price Recover $0.20?
Currently standing at a crucial crossroads, the upcoming price trend will determine the future of the Algorand token. In case of a bullish breakout, the Fibonacci levels paint the upcoming target level at 23.60%, coinciding with the 200-day simple moving average line. This confluence stands at $0.14.
A bullish breakout is likely to hit the 50% Fibonacci level near the $0.1867. Meanwhile, a bearish turnaround will likely test the 50-day simple moving average line at $0.1245, with the next critical support level at $0.11.
FAQS
ALGO is trading at $0.1306, with a 7.15% gain in the past 24 hours.
ALGO aims for $0.14, $0.1867, and potentially $0.35 if the bullish breakout sustains.
Supports lie at $0.1245 (50-day SMA) and $0.11 (psychological level).