- 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
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.
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
Editors’ Picks
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.
Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570
Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million.
Bitcoin Weekly Forecast: Is BTC out of the woods? Premium
Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.
XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa
Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in.