• Algorand price has spent nearly sixty days in a consolidation pattern.
  • Bulls have been positioning Algorand for a bullish breakout within the Ichimoku Kinko System.
  • The $3.00 price level is the next major high and target.

Algorand price action has been mostly constrained between the $1.62 and $2.14 value areas over the past two months. Multiple attempts by bulls to break out higher have not met with success;at the same time bears have been prevented from moving Algorand lower. A pattern now appears to be forming which may end this impasse.

Algorand price eyes a breakout to hit a new all-time high at the $3.00 value area

Algorand price has formed a very textbook example of what a bull flag looks like. Bull flags are consolidation channels that show up after an uptrend. In technical analysis, consolidation after a strong uptrend is considered a sign of strength and trend continuation.
 
The Ichimoku Kinko Hyo system can assist with identifying appropriate price levels that would indicate a new uptrend is likely to occur. Algorand price buyers would only want to go long when the daily close is above the Cloud, Tenkan-Sen, and Kijun-Sen. Additionally, buyers will want to ensure the Chikou Span is above the candlesticks and in open space.
 
The Algorand price daily close needs to be at or above $2.30 to confirm buyers' positive and robust breakout.
 
However, the same is true for the downside. Bears have been equally interested in creating strong shorting conditions for Algorand. It is more difficult for Algorand to move lower than it is to move higher. Sellers have to contend with pushing a daily close below the 50% Fibonacci retracement at $1.62 to create any shorting opportunities.
ALGO/USDT Daily Ichimoku Chart
 
Even if sellers can even push Algorand price below the 50% Fibonacci retracement, downside risks are, however, minimal. In addition, a high volume node in the 2021 Volume Profile and the 61.8% Fibonacci retracement share the $1.45 value area, limiting any potential swings south.  

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Dogecoin Price Prediction: Profit-taking in DOGE hits monthly high, raising the risk of a crash

Dogecoin Price Prediction: Profit-taking in DOGE hits monthly high, raising the risk of a crash

Dogecoin (DOGE) hovers below its key weekly level of $0.18 at the time of writing on Monday, signaling a waning of bullish momentum. DOGE is flashing early warning signs, as on-chain data indicates rising selling pressure among holders, with profit-taking having surged to a monthly high and dormant wallet activity rising.

SPX6900 Price Forecast: Bullish continuation eyes new all-time high

SPX6900 Price Forecast: Bullish continuation eyes new all-time high

SPX6900 (SPX) meme coin edges higher by almost 2% at press time on Monday, following a 4.71% brilliant recovery the previous day. The renewed confidence of whales in the meme coin is suspected to have catalyzed the recovery, resulting in increased optimism in SPX derivatives. 

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH, and XRP stabilize near critical support levels

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH, and XRP stabilize near critical support levels

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are showing signs of stabilization around key support levels after a recent correction last week. BTC attempts to regain strength after closing below its critical support level, while ETH and XRP hover near technical thresholds that could determine the direction of their next moves.

Top Crypto Gainers Price Prediction: Jito, Bitcoin Cash, and Solana lead the market recovery

Top Crypto Gainers Price Prediction: Jito, Bitcoin Cash, and Solana lead the market recovery

The broader cryptocurrency market ended the previous week with a minor recovery on Sunday. Holding gains from the prior day, Jito (JTO), Bitcoin Cash (BCH), and Solana (SOL) are the top performers over the last 24 hours. Despite a minor pullback on Monday, JTO, BCH, and SOL are close to breaking out critical levels, potentially extending gains this week.

Bitcoin: BTC could slump to $100K amid Trump-Musk tussle

Bitcoin: BTC could slump to $100K amid Trump-Musk tussle

Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.

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.

BTC

ETH

XRP