|

Algorand price eyes 40% gain as ALGO bulls take control

  • Algorand price has kick-started its 60% rally and is hovering around $0.769.
  • Investors can expect ALGO to continue its ascent to $1.1 with more upside on the horizon.
  • A daily candlestick close below $0.675 will create a lower low and invalidate the bullish thesis.

Algorand price found stable support on March 14 and kick-started a recovery rally with massive upside potential. Currently, ALGO is nowhere near the midway point and suggests a continuation of this optimism as it heads toward its target.

Algorand price remains strong

Algorand price bottomed after retesting the $0.675 support level formed between May 2021 and July 2021. Although a sweep below this barrier would have made the upside a high conviction trade, it did not.

Regardless, ALGO has rallied 15% since March 14 and shows no signs of slowing down its bullish momentum. Investors can expect Algorand price to experience a minor slowdown around the weekly resistance barrier at $0.818.

However, clearing this hurdle would open the resistance-free path up to $1.10. This move would constitute a 43% ascent from the current position and is likely where ALGO will form an equal high. However, there is a chance Algorand price could extend to the weekly hurdle at $1.2. 

ALGO/USDT 1-day chart

ALGO/USDT 1-day chart

While things are looking up for Algorand price, a flash crash in Bitcoin price could shatter the optimistic outlook established for ALGO. 

A daily candlestick close below $0.675 will create a lower low and invalidate the bullish thesis for Algorand price. In such a case, ALGO will most likely collect liquidity and revisit the immediate support level at $0.618. Here buyers can attempt another bull rally.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

XRP holds bearish bias despite spot ETF inflows
Ripple (XRP) retains a bearish near-term tone on Friday, falling toward the psychological support at $1.00. This follows renewed inflation concerns in the United States (US) after the Federal Reserve (Fed) left interest rates unchanged, as two members of the committee dissented in favor of a 25 basis point hike.
Crypto Today: Bitcoin, Ethereum, XRP edge lower despite renewed ETF inflows
The cryptocurrency market broadly corrects on Friday, as investors assess macro uncertainty and geopolitical tensions, which continue to escalate in the Middle East. Bitcoin (BTC) is trading below $64,000, down from the weekly high of $65,745. Altcoins such as Ethereum (ETH) and Ripple (XRP) are trading under increasing selling pressure below $1,900 and $1.10, respectively.
US sanctions Iran-linked Bitcoin insurance scheme for Strait of Hormuz ships
The U.S. Treasury has sanctioned two Iranian firms behind a maritime insurance operation that accepted Bitcoin, saying the scheme forced commercial vessels to buy coverage to pass through the Strait of Hormuz and funnelled the proceeds to the Islamic Revolutionary Guard Corps.
Bitcoin Weekly Forecast: Bulls hold the line
Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.
Bitcoin: Bulls hold the line
Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.