|

Algorand price has traders trailing up stops as the bulls have breached the first target

  • Algorand price have risen 25% this week.
  • ALGO price has a strong Fibonacci level 5% above the current price.
  • A break, retest, and surge above $0.93 will invalidate the neutral thesis.

Algorand price should have investors cautiously watching the digital asset as the first target has already been breached. 

Algorand price says "give it more time"

Algorand price is trading at $0.89, 25% above the breakout level. It was mentioned in Monday's thesis that the wedging-like pattern could potentially break upwards and estimate a price projection of 25%. 

Traders who missed the move should consider waiting for more price action to unfold as a Fibonacci retracement tool has the 1.618 level 5% above the current price. 

Algorand price should also warrant traders to trail their stops as the 1.618 level may never get touched since it is likely many pattern traders have issued automated sell orders into the wedge's $0.89 target.

Market conditions could project further upside for ALGO price. The bulls would have to break above and retest the 1.618 Fib level at $0.93 with a more significant uptick in volume. The next target for the bulls would be the 2 and 2.618 Fibonacci levels at $0.98 and $1.06, representing a 20% increase from the current price.

ALGO/USDT 8-Hr Chart

It is also worth noting that the volume pattern decreases as the ALGO price rallies, which could be early evidence of weakness in the trend. Ultimately, a break below the green ascending trend line at $0.70 could invalidate the bullish momentum and send prices back into $0.73 and $0.70.

Author

FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

More from FXStreet Team
Share:

Editor's Picks

XRP recovery stalls as Ripple and Robinhood expand partnership scope

Technically, XRP is still in the woods, with the 50-day EMA limiting the token’s recovery potential. Ripple (XRP) faces short-term hurdles, trading around $1.33 on Wednesday.

Bitcoin reclaims $81,000 as traders await Fed policy decision, Big Tech earnings

Bitcoin reclaims $81,000 on Wednesday, extending its recovery as investors await the Fed’s policy decision and upcoming Big Tech earnings. Spot Bitcoin ETFs record an inflow of $175.99 million on Tuesday, marking a second consecutive day of inflows.

Crypto Today: Bitcoin, Ethereum, XRP recover ahead of Fed decision

Bitcoin has renewed its advance above $81,000 on Wednesday, lifting sentiment across the cryptocurrency market ahead of the upcoming Fed's interest rate decision. Ethereum follows in Bitcoin’s footsteps. Ripple is similarly edging higher above $1.33.

Pi Network stalls as Core Team expands investment fund to Axis Robotics

Pi Network hovers around $0.0766 on Wednesday, holding steady after a roughly 2% rebound on Monday. Axis Robotics officially confirmed that it has received seed investment from Pi Ventures, which focuses on the technical integration of AI and robotics.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.