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Why Algorand price will outperform the rest of the crypto market

  • Algorand price sees the pivot of March still offering support.
  • ALGO price still keeps its gains in trading as most significant cryptocurrencies are selling off.
  • Expect ALGO to be an outlier in this trading day and looks set to pop above $0.9514 to go towards $1.1055 over the weekend.

Algorand (ALGO) price is set to go out with a bang this week as bulls are not scared by major cryptocurrencies being on the backfoot. Several tailwinds persist in ALGO price, and with the Relative Strength Index (RSI) flatlining, bulls look to be sitting on their hands, not yet ready to book gains. Expect a daily close before the weekend above $0.9514, opening room for ALGO price to rally 15%.

ALGO price set to rally 15% into the weekend

Algorand price is an outlier today where several cryptocurrencies are printing red numbers in a market that saw a two-day selloff in the Nasdaq. Sentiment faded to the downside as investors saw the breakthrough on paper not taking effect in reality on the battleground in Ukraine, and with more lockdowns in China, supply chain disruptions could start to flare up again. But bulls in ALGO price are not throwing out the altcoin just yet.

ALGO price is still trading below the ‘overbought’ barrier, making it so that ALGO price has not reached the profit target that bulls and investors are waiting for before cashing in. With this, the offer dries up, and bears need to pay higher prices to be able to short the cryptocurrency. This will result in Algoran price jumping above $0.9514, and if it can close above there, bulls are in for an even more significant threat with a rally of 15% towards $1.1055 throughout the weekend.

ALGO/USD  daily chart

ALGO/USD  daily chart

With talks still ongoing, a possible further guarantee or breakthrough with a cease-fire that is upheld by Russia during the weekend, for example, could trigger a bullish relief and see price action pumped up again towards $3,391.52. That would be the perfect position to go into the weekend and set the scene for a test and break above the 200-day SMA and target $3,687.17 for next week as a profit target. That would mean that around 13% of profits are on the table in the week ahead.


 

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

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