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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 is sealed between two critical levels awaiting potential 24% move
Lorenzo StroeLorenzo StroeIndependent Analyst

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 price

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

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.

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