Algorand Price Forecast: ALGO poised for a 30% bull rally

Algorand price shows a build-up of bullish momentum as it bounced off an ascending triangle’s hypotenuse on March 6. Now, a decisive 4-hour candlestick close above a confluence of resistance could propel ALGO by 30%.

Algorand price eyes a higher high

Algorand price has hit a blockade at $1.18 due to the concentration of sellers. However, buyers seized this opportunity and aggressively bought the dips, resulting in higher lows. Joining the swing lows and the said horizontal resistance barrier using trendlines will result in an ascending triangle pattern.

Such a technical formation forecasts a 30% upswing determined by measuring the distance between the swing high and the swing low and adding it to the breakout point at $1.18. The aforementioned barrier is crucial as it also coincides with the SuperTrend indicator’s sell signal. Hence, a breach of this level will produce a “buy sign” that could result in a spike in buying pressure. Therefore, it is imperative that the Algorand price sees a decisive close above the flat supply zone at $1.18.

In such a case, the ascending triangle setup’s target places ALGO at $1.54.

ALGO/USDT 4-hour chart

Investors should note that rejection at the breakout point isn’t unlikely. This scenario would trigger a 10% sell-off towards the triangle’s hypotenuse at $1.05. However, a 4-hour candlestick close below this point will invalidate the bullish thesis and trigger a 30% crash to $0.73.