Algorand Set for 160% Rally: Key Breakout Levels to Watch
- Algorand (ALGO) is on the brink of a breakout, with potential for a 160% rally to price targets of $0.22 to $0.50.
- Despite a recent downtrend, Algorand remains above key support, signaling that bearish pressure may be fading.
- A successful breakout from the resistance level could trigger a 160% increase, making Algorand a strong market contender.
Rose Premium Signals has presented a bullish Algorand (ALGO) scenario. The analysis states that Algorand is at the precipice of a breakout from the upper resistance of the falling wedge pattern on the daily chart. This breakout could lead to a vigorous upswing with targets at $0.22 to $0.50, which represents a potential increase of as much as 160%.
ALGO Shows Bullish Strength
However, ALGO demonstrated recent strength even though its prices have been declining for a while. This cryptocurrency has remained above a crucial level, meaning that the bear pressure could be fading. When the price remains above the said level, it indicates a bullish market, and thus the possibility of a breakout increases.
The Algorand price increase can be attributed to a breakout from the resistance level, according to the information from Rose Premium Signals. The targets are set at $0.22, $0.30, $0.40, and $0.50; a breakout at any of these levels will be a strong signal. These levels can be considered favourable compared to the current level, through which a 160% increase can be experienced in case of a breakout.
ALGOs Potential for Market Surge
This forecast for ALGO is positive due to the technical evaluation of the falling wedge pattern. This pattern has been considered a signal of potential breakouts on the Bullish side once the price crosses this region of the resistance. The investors and traders will be observing the price movement of the coins to establish if a breakout has occurred in Algorand. As of press time, ALGO is trading at $0.1678, showing a 3.73% increase over the past day.
Source: TradingView
Besides the above technical analysis, the total market of cryptocurrencies is highly volatile; therefore, technical patterns of major currencies are crucial. Based on its performance during this period, it can be said that Algorand can be considered more stable than many digital assets. This could make it an ideal choice for those traders that are in the hunt for trades in the volatile market.
Since the price of Algorand is getting closer to the upper resistance level, the traders are waiting for the breakout to happen. If the breakout happens, it could attract new investors, and hence, an increased trading volume will be experienced. Algorand has obtained the possibility of stunning the market and rising to be a market darling once more after a +160% increase in the months to come.
Read more: https://www.tronweekly.com/algorand-set-for-160-rally-key-breakout-levels/
Text source: TronWeekly
