• Algorand price breaks above the descending trendline, suggesting a bullish move ahead.
  • Side-lined buyers can accumulate ALGO around the $0.1382 level.
  • A daily candlestick close below $0.1234 would invalidate the bullish thesis.

Algorand (ALGO) price broke above the descending trendline on Saturday and surged 9.85% in the subsequent two days. Sideline buyers may consider accumulating ALGO around the $0.1382 level before potential further rallies in the coming days.

 

Algorand price shows potential for a rally

Algorand broke above its descending trendline on Saturday, triggering a 9.85% rally over the following two days. As of Tuesday, it is trading 1% higher at $0.1593. Following this significant move, ALGO bulls may pause, potentially prompting a retracement that could present a favorable buying opportunity for sidelined investors. Those seeking entry points could consider purchasing near the trendline support level of around $0.1382.

Assuming Algorand's price bounces off the $0.1382 level, it could rally 14% to retest its weekly resistance of $0.1588.

The Relative Strength Index (RSI) and Awesome Oscillator (AO) indicators on the daily chart support the bounce above, which are firmly present above their respective mean values of 50 and 0. The momentum indicators clearly signal that bullish momentum is in control.

If ALGO closes above the weekly resistance at $0.1588, it could rally 22% to retest its high of $0.1933 on June 7.

ALGO/USDT daily chart

ALGO/USDT daily chart

Despite the bullish outlook pictured by technical analysis, if Algorand's price posts a daily candlestick close below $0.1234, it will form a lower low. This scenario would signal a bearish outlook, possibly leading to a price fall of around 13% to the November 9, 2023, low of $0.1068.


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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

EOS 22% pump steals the show unveiling Vaulta’s web3 banking ecosystem

EOS 22% pump steals the show unveiling Vaulta’s web3 banking ecosystem

EOS, the token behind the recently rebranded Vaulta network, has increased by a staggering 22% in the last 24 hours.

More EOS News
Curve DAO Price Forecast: CRV bulls could aim for double-digit gains above key resistance

Curve DAO Price Forecast: CRV bulls could aim for double-digit gains above key resistance

Curve DAO (CRV) price is in the green, up 8%, trading above $0.53 on Thursday after rallying nearly 15% so far this week.

More Curve DAO News
Bitcoin price reacts as Gold sets fresh record highs after Trump’s reciprocal tariffs announcement

Bitcoin price reacts as Gold sets fresh record highs after Trump’s reciprocal tariffs announcement

Bitcoin price plunges towards $82,000 as Gold soars past $3,150 after US President Donald Trump imposed new tariffs on Israel and UK, triggering global markets turbulence.

More Bitcoin News
Bitcoin and top altcoins slide as Trump kicks off reciprocal tariffs

Bitcoin and top altcoins slide as Trump kicks off reciprocal tariffs

Bitcoin (BTC) and the entire crypto market saw a quick correction on Wednesday following President Donald Trump's reciprocal tariff announcements based on half of each country's respective rates.

More Cryptocurrencies News
Bitcoin: BTC remains calm before a storm

Bitcoin: BTC remains calm before a storm

Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.

Read full analysis
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

BTC

ETH

XRP