ALGO Price Speeds Up The Bull Run, Hints A 40% Jump!
With an extraordinary recovery for Algorand, the altcoin continues to scale new heights as the year concludes on a bullish note for the entire crypto market. Despite the majority of 2023 being a pullback motion for Algorand, the ALGO price is finally bullish on the Year-to-date growth. With an 18% jump this year till date, the ongoing recovery reflects a strong comeback of investors in this project.
Further, the increasing momentum and the growing number of investors ready to buy Algorand’s native token at lower levels teases an uptrend. Therefore, the ongoing trend supports the bullish ALGO price prediction.
Source- TradingView
Taking multiple support at the $0.0912 level, the buyers rejected the bearish dominance attempt at the $0.10 psychological mark. With a boost from the Uptober rally, the ALGO price breaks multiple barriers, signalling a strong comeback as the overall market jumps.
Igniting a trend reversal, the bullish confidence in Algorand investors is crossing new limits and recovering lost levels. Further, the reversal rally forms a rounding bottom pattern in the weekly chart as the ALGO price has shot 113% in the last eight weeks.
Currently, the ALGO price trades at $0.2047 with an intraday growth of 1.09% as the buyers attempt sustenance above $0.20. Considering the prices stabilize over the psychological mark of $0.20, the Algorand uptrend will likely complete the bullish trend continuation pattern, teasing a new breakout trend.
Technical indicators:
Bollinger Bands: The bullish continuation stretches the upper line of Bollinger bands, reflecting a bullish phase in motion as the contraction era ends.
MACD: The upward trajectory of the MACD and signal lines gains steam following the bullish crossover. Additionally, the positive histograms reappear with increasing strength. As a result, the momentum indicators are supporting the possibility of a breakout rally in Algorand.
Will ALGO Price Sustain Above $0.20?
As the market remains overall bullish and anticipates a bullish trend continuation gaining momentum with the New Year, the altcoins prepare for a bull run. Similarly, the Algorand chart price trend displays a likelihood of ALGO price breaking out of the rounding bottom pattern.
Therefore, the bullish actions in play tease sustenance above $0.20. If the uptrend breaks above the $0.24 neckline, then the price could reach $0.2834. This would put the altcoin on track to potentially reach $0.40.
Conversely, a reversal from $0.20 can retest the $0.1717 mark.
