Algorand Price Prediction: ALGO bulls plan 38% ascent
|- Algorand price is preparing for a major upswing following the formation of a bullish chart pattern.
- The prevailing technical pattern suggests that ALGO could surge by 38% if it breaks above a critical resistance barrier.
- Algorand will face multiple hurdles ahead before the buyers attempt to reach the optimistic target.
Algorand price is headed for a significant climb as a bullish chart pattern has formed. The buyers must slice above the upper boundary of the governing technical pattern, which acts as a critical obstacle for ALGO in order for a 38% climb to be put on the radar.
Algorand bulls eye $1.190 next
Algorand price has formed a falling wedge pattern on the 12-hour chart, suggesting that the bulls are planning a comeback.
Algorand price will face a crucial challenge at the upper boundary of the prevailing chart pattern at $0.890. Only a slice above this critical level of resistance will ignite a 38% ascent for ALGO toward $1.190.
Algorand price will face additional hurdles at the 50 twelve-hour Simple Moving Average (SMA) at $0.914, then at the 38.2% Fibonacci retracement level at $0.932.
Further buying pressure may push Algorand price to see the token tag the 50% retracement level at $1.007, which intersects with the 100 twelve-hour SMA.
Algorand price will face an additional headwind at the 61.8% Fibonacci retracement level at $1.083 before the buyers attempt to reach the optimistic target at $1.190.
ALGO/USDT 12-hour chart
However, if selling pressure increases, Algorand price will fall toward the 23.6% Fibonacci retracement level at $0.838, coinciding with the 21 twelve-hour SMA.
An additional spike in sell orders may push Algorand price lower toward the June 27 low at $0.752.
If the bearish sentiment continues to increase, Algorand price may drop toward the July 21 low at $0.681.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.