Algorand Price Prediction: ALGO vies for 85% advance upon the breach of its consolidation


  • Algorand price is traversing a bullish pennant, hinting at an 85% upswing to $2.83.
  • A decisive close above $1.53 will signal a breach of the pennant’s upper trend line.
  • ALGO will kick-start a new downtrend if it slices through the 50% Fibonacci retracement level at $1.03.

Algorand price is trading inside a bullish consolidation pattern that forecasts massive gains.

Algorand price edges closer to breakout

Algorand price has been consolidating in a bullish pennant, composed of an initial burst in the market value followed by the formation of lower highs and higher lows connected using trend lines.

The continuation pattern projects an 85% advance to $2.83, determined by adding the flagpole’s height to the breakout point at $1.53.

ALGO is currently trading around the upper boundary at $1.48 and could break out now or head lower to produce another swing low. A drop to the 50 Simple Moving Average (SMA) on the daily chart coinciding with the 61.8% Fibonacci retracement level at $1.22 seems likely if the selling pressure spikes.

Either way, a secondary confirmation of the breakout will arrive after ALGO creates a higher high above $1.84. This move might signal to sidelined investors to jump on the ALGO bandwagon, pushing the price higher.

The 127.2% and 141.8% Fibonacci extension levels are the areas of interest before the buyers push the Algorand price to $2.84. Interestingly, the intended target coincides with the 161.8% Fibonacci extension level, a frequently visited level during the bull runs.

ALGO/USDT 1-day chart

ALGO/USDT 1-day chart

A breakdown of the 50% Fibonacci retracement level at $1.03 will signal the bullish thesis’s invalidation and the start of a new downtrend. In such a case, investors can expect ALGO to drop 17% to the next support barrier at $0.84.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Nightmares repeat as BTC flash crashes

Bitcoin price slid roughly $7,000 on Wednesday after Elon Musk tweeted that Tesla will not accept BTC. Ethereum price dropped only $270 and is in recovery mode. Ripple eyes a dip into the demand zone ranging from $0.941 to $1.156 before it attempts to rise higher.

More Cryptocurrencies News

Polygon sets sights on new all-time high despite recent flash crash

MATIC price shows a massive spike in buying pressure that has undone the recent crash. A sustained buying pressure here could propel Polygon price to the 161.8% Fibonacci extension level at $1.287. A breakdown of the support barrier at $0.872 will invalidate this uptrend.

More Polygon News

Ripple struggles to break through stiff resistance

XRP price seems to have suffered from the sell-off caused by Elon Musk's announcement that Tesla stopped accepting cryptocurrency payments. XRP price slid by more than 22% over the past 24 hours to hit a low of $1.20. Buyers seem to have quickly scooped up more tokens at a discount.

More Ripple News

Tesla ditches Bitcoin as payment but may accept Dogecoin instead

Dogecoin price plunged by over 25% in the past 24 hours, reaching a low of $0.38. DOGE fell in tandem with the rest of the crypto market following Elon Musk's announcement that Tesla is suspending vehicle purchases using Bitcoin. The meme-coin could be awaiting a recovery if Tesla decides to accept DOGE as payment instead. 

More Dogecoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP