- Algorand price has breached an ending diagonal formation.
- ALGO price shows bullish momentum on the Relative Strength Index.
- Invalidation of the bullish scenario is a close below $0.35.
Algorand price shows more gains to come
Algorand price is producing a strong countertrend rally that is likely to continue. It was mentioned in last week’s thesis that the ALGO price may have been coiling into a C wave ending-diagonal pattern. Traders commonly refer to the pattern as the catalyst before the reversal rally. If market conditions persist, a 30% rally into the $0.52 price zone is likely to occur.
Algorand price has broken past resistant barriers on the Relative Strength Index, providing further bullish confluence. Traders should consider scaling into the digital asset to participate in more uptrends as a deep retracement is possible yet unpredictable.
ALGO/USDT 4-Hour Chart
An invalidation is necessary for the bulls looking to enter this challenging market. Algorand price should not spike below the $0.35 level. If this bearish event happens, consider the uptrend scenario void. A $0.13 ALGO price could be the next bearish target, resulting in a 50% decrease from the current Algorand price.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
Recommended Content
Editors’ Picks

US Senate likely to vote on the stablecoin GENIUS Act by Memorial Day as Brazil considers stringent regulations
US Senators Kirsten Gillibrand and Cynthia Lummis are optimistic that the Senate will vote on the revised stablecoin bill by Memorial Day. The revised stablecoin bill has refined key elements, including ethics, consumer and bankruptcy protection.

Bitcoin retreats further as chances of major breakthrough in Russia-Ukraine peace talks weaken
Bitcoin price edges below $102,000 on Thursday after repeated rejections at the $105,000 resistance over the past five days. Neither US President Donald Trump nor Russian President Vladimir Putin are expected to attend the Ukraine-Russia peace talks in Turkey.

Top 3 Gainers Amp, Aethir, Helium: AMP, ATH lead market gains as broader crypto market cools
The cryptocurrency market is taking a breather on Thursday after sustaining gains for almost two weeks, buoyed by heightened risk-on sentiment amid easing trade tensions between the United States (US) and China.

XRP price risks slashing weekly gains as liquidations surge amid falling network growth
XRP price peaked at $2.65 on Wednesday, stalling the uptrend amidst a market-wide slowdown. Long liquidations reach $8.44 million over the past 24 hours as the uptrend targeting $3.00 falters.

Bitcoin: BTC bulls aim for $105,000 after nearly 10% weekly gains
Bitcoin price stabilizes around $103,000 on Friday after rallying nearly 10% this week. Risk-on sentiment prevails as Trump announced a trade deal with the UK and ahead of the meeting with China this weekend.