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Algorand price is on pace to rise 30%

  • 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.

TM/ALGO/5/31/22

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.

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

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