- Algorand hovers at $0.796 after kick-starting its 60% upswing.
- Enthusiasts can expect the alt to extend its leg-up to $1.1, with an impending upside rally.
- A daily candle close under $0.675 will form a lower low, invalidating ALGO’s bullish thesis.
Algorand launched a recovery move with colossal upward potential after finding a dependable support level on 14 March. ALGO is yet to hit the mid-level and indicates a continuation of the optimism as the alt heads to the upside target.
ALGO Price Still Strong
Algorand saw its price bottoming after the alternative coin retested the support floor at $0.675, created between 2021 May and 2021 July. Though a sweep under this level would have made upward persuasive, it didn’t.
However, Algorand has gained 15% since 14 March and shows no slowdown signals as bullish momentum persists. Nevertheless, market players can expect ALGO to see a brief slowdown near the weekly resistance zone at $0.818.
Meanwhile, overcoming this obstacle would clear a resistance-free road towards the $1.10 mark. Such action would mean a 43% upswing from ALGO’s current level, and the token might print an equal peak after the move. Nevertheless, Algorand has room to extend the upsurge towards the weekly obstacle at $1.2.
Though Algorand price seems committed to upside actions, upcoming price movements will rely on Bitcoin’s reaction. A sudden dip in BTC price might see ALGO enthusiasts forgetting the optimistic narrative. That would see the alternative token resolving to downtrends.
A daily candle close under $0.675 will form a lower low and annul Algorand’s bullish theory. That way, ALGO will likely gather liquidity while revisiting the nearest support barrier at $0.618. Buyers can try another leg-up at this value area.
Algorand exhibits a bullish stance on its way towards a 60% surge. The altcoin is 20% on the journey, contemplating an additional 40% upsurge in the upcoming sessions. Investors might await an upside movement towards the $1.1 level and beyond. Buyers should prevent a downside move to $0.675. A 24Hr candle close beneath this level would form a lower low, nullifying ALGO’s bullish bias.
Stay tuned for more uptrends.
