Algorand price is sealed between two critical levels awaiting potential 24% move
- Algorand price is contained inside an ascending triangle pattern.
- The digital asset is on the verge of a 24% move.
- The significant decrease in trading volume reveals that ALGO should see a significant move soon.
Algorand price has been trading below a critical resistance level and formed an ascending triangle pattern on the 12-hour chart.
Algorand price on the verge of a massive move
On the 12-hour chart, the most significant pattern is the ascending triangle which is on the verge of a breakout or breakdown. The key resistance trendline is formed at $1.18 and ALGO is currently trading at $1.14.
ALGO/USD 12-hour chart
A breakout above $1.14 should quickly push Algorand towards $1.47, a 24% move calculated using the height of the pattern as a reference point.
However, it’s also possible for Algorand price to get rejected at the upper boundary of the pattern and get pushed towards the lower trendlin at $1.1. A breakdown below this point will drive ALGO towards $0.84.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
