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How to make a quick 20% gain trading Algorand price

  • Algorand price shows a triple bottom setup, suggesting a trend reversal.
  • Investors can expect a 22% upswing to $0.89 from the current position.
  • A daily candlestick close below $0.68 will invalidate the bullish thesis.

Algorand price is currently bouncing off a stable support level after the recent downswing. The bullishness for ALGO is mainly due to the bottom reversal pattern formed over the past 50 days.

Algorand price kick-starts its move

Algorand price created a swing low at $0.68 on February 24 and rallied 30% to be rejected by a resistance barrier at $0.89. Since then ALGO has swept below $0.68 on March 13 and has retested it again recently on April 11. 

This price action reveals a triple bottom setup, which is a bottom reversal pattern, favoring a bullish shift in trend. Since its last tag on April 11, Algorand price has rallied 7% and shows signs of continuing the uptrend.

The first hurdle bulls will encounter is $0.81; flipping that barrier into a support level will open the path for Algorand price to retest $0.89, bringing the total gain to 22%. While this level is a good place to book profits, a surge in buying pressure could propel ALGO to the next hurdle at $0.98.

This blockade is the only thing preventing Algorand price from rallying to $1.2 and clocking up a 67% gain from the current position - $0.73.

ALGO/USDT 1-day chart

ALGO/USDT 1-day chart

While things are looking up for Algorand price, a sudden spike in selling pressure that pushes ALGO to produce a daily candlestick close below $0.68 will create a lower low. Additionally, this development will skew the odds in the bears’ favor and invalidate the bullish thesis.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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