• Algorand price has printed a bullish hammer.
  • Algorand price shows bullish strength on the RSI
  • Invalidation is a close below $0.675

Algorand price may look too good to be true to most traders as price is coming very close to invalidating last week's bullish trade setup. Speculation alone will never pay the bills, and the ALGO price is worth taking the risk.

Algorand price is worth the risk

Algorand price is enticing analysts to go all-in as the digital token is looking very promising. Last week, a 20% rally was forecasted for the ALGO price. Since the bullish thesis, Algo price discouraged traders as the price has come very close to its invalidation point. However, the amount of time it is taking for the bears to invalidate the bullish thesis is a chink in their armor. 

Algorand price Relative Strength Index indicates bullish interest as a bullish hammer has been printed in buyers territory on the two-day chart. The crypto market, in general, has been quite disappointing this week, which could allow traders to easily miss the evidence being put forth. ALGO price can rally back to $0.92, a 30% rally from the current $0.715. Traders can enter now or place a buy stop at $0.76 above the bullish hammer for a safer entry.

TM/ALGO/4.14.22

ALGO/USDT 2-Day Chart

As last week's thesis mentioned, invalidating the bullish trade setup remains the same. The bears must close below $0.675.

 If the bears can establish a close below $0.675, consider all hope for the ALGO price gone. ALGO price will likely fall between $0.60 and $0.53, resulting in a 25% dip from the current price.

 

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

XRP bulls in spotlight as SEC v. Ripple court filing hints at early closure

XRP bulls in spotlight as SEC v. Ripple court filing hints at early closure

XRP price could make or break based on the outcome of Ripple Labs case with the US Securities and Exchange Commission (SEC). In the latest twist and turn in the courtroom drama, Ripple (XRP), which is a cross-border payment settlement firm.

More Ripple News

Bitcoin struggles to fly despite clear skies up to $19,280

Bitcoin struggles to fly despite clear skies up to $19,280

Bitcoin price is struggling to overcome a small hurdle after a fresh start to the week. A closer look reveals that BTC could easily trigger a rally but is unable to do so despite a lack of resistance to the upside.

More Bitcoin News

AVAX's traders bet should be on Avalanche bulls triggering a 15% rally

AVAX's traders bet should be on Avalanche bulls triggering a 15% rally

AVAX price has broken out of a critical hurdle and pattern, signaling the start of a quick run-up. However, bulls face another blockade that needs to be overcome to trigger an extended rally.

More Avalanche News

Ethereum bulls come to the rescue with a plan to revisit $1,500

Ethereum bulls come to the rescue with a plan to revisit $1,500

Ethereum price set up a local top after a quick run-up over the last week. This move was followed by a tight consolidation that resulted in a breakdown, allowing sidelined buyers to step up. As a result, ETH is primed for a quick run-up.  

More Ethereum news

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP