Algorand Price Prediction: ALGO bulls plan 38% ascent

Algorand price is headed for a significant climb as a bullish chart pattern has formed. The buyers must slice above the upper boundary of the governing technical pattern, which acts as a critical obstacle for ALGO in order for a 38% climb to be put on the radar.

Algorand bulls eye $1.190 next 

Algorand price has formed a falling wedge pattern on the 12-hour chart, suggesting that the bulls are planning a comeback. 

Algorand price will face a crucial challenge at the upper boundary of the prevailing chart pattern at $0.890. Only a slice above this critical level of resistance will ignite a 38% ascent for ALGO toward $1.190.

Algorand price will face additional hurdles at the 50 twelve-hour Simple Moving Average (SMA) at $0.914, then at the 38.2% Fibonacci retracement level at $0.932.

Further buying pressure may push Algorand price to see the token tag the 50% retracement level at $1.007, which intersects with the 100 twelve-hour SMA.

Algorand price will face an additional headwind at the 61.8% Fibonacci retracement level at $1.083 before the buyers attempt to reach the optimistic target at $1.190.

ALGO/USDT 12-hour chart

However, if selling pressure increases, Algorand price will fall toward the 23.6% Fibonacci retracement level at $0.838, coinciding with the 21 twelve-hour SMA.

An additional spike in sell orders may push Algorand price lower toward the June 27 low at $0.752.

If the bearish sentiment continues to increase, Algorand price may drop toward the July 21 low at $0.681.