Market Analysis

ALGORAND PRICE ANALYSIS & PREDICTION (April 24) – Algo Regains Strength With A 50% Surge As More Gains Lie Ahead

Algorand ALGO started this month bearish but later found solid ground. However, it has recovered nicely following a notable surge in the past week. It currently appeared strong and set for a new bullish phase. 

During the last swing low, which lasted for a month, Algo provided a big discount as the price revisited the yearly low with a potential break lower.

Surprisingly, the bulls reappeared and intercepted the rally against further drop. That interception came with a sharp rejection from the $0.146 level and the price recovered rapidly above the $0.16 level.

The price consolidated for a week before initiating a surge above the $0.18 last weekend. It gathered momentum for three days and initiated another rise to $0.264 a few hours ago. It has retraced briefly due to a sudden rejection, but the price remains strong on the daily chart.

Looking at the recent price actions, the bulls are back but are now facing a small hurdle following the latest rejection. A continuous surge in volatility should allow them to sustain pressure for more gains.

Technically, it has formed a new bullish pattern on the higher timeframe. An increase above last month’s high should set the market for a huge price movement in the long term. More buying volume is needed to make that happen.

Algo’s Key Level To Watch

Source: Tradingview

Now that the price is rising again, here are important resistance levels to keep an eye on. The currently rejected high of $0.264 marks a key level to more gains. Surpassing it could allow the bulls to reclaim $0.29 and the $0.33 resistance (March’s high) with a potential break up.

If not, Algo may retest a close support of $0.22 and $0.20. There’s also support at $0.18 in case of more pullbacks.

Key Resistance Levels: $0.26, $0.29, $0.33

Key Support Levels: $0.22, $0.20, $0.18

  • Spot Price: $0.121
  • Trend: Bearish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: benedak/123RF // Image Effects by Colorcinch

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