Home One key level separates Algorand price from a massive 26% jump
Crypto News

One key level separates Algorand price from a massive 26% jump

  • Algorand price is contained inside an ascending triangle pattern on the 4-hour chart.
  • The digital asset is up by 15% in the past 24 hours and bulls aim for more.
  • ALGO needs to climb above a crucial resistance level to see a significant breakout.

Algorand has been trading sideways inside a tightening pattern and seems ready for a massive breakout if bulls can push the digital asset above a key resistance level. The entire cryptocurrency market has recovered significantly, favoring the bulls.

Algorand price is on the brink of a 26% breakout towards $1.5

On the 4-hour chart, Algorand has established an ascending triangle pattern that seems to favor the bulls amid the recent cryptocurrency market recovery. Bulls need to push ALGO above the 50-SMA level first.

algo price

ALGO/USD 4-hour chart

The critical resistance trendline is located at $1.15. A breakout above this point will quickly drive Algorand price towards the 100-SMA at $1.25, and eventually up to the long-term price target of $1.5.

algo price

ALGO/USD 4-hour chart

On the other hand, failure to hold the price above the 50-SMA would lead Algorand towards the lower trendline at $1. A breakdown below this point has a price target of $0.72.

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.