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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Nov 09, 2024 10:16 UTC
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ALGO Price Gears up for $0.18 as Bulls Anticipate Breakout Rally?
ALGO shows a bullish recovery, forming four consecutive bullish candles.
MACD crossover and surpassing the 50-day SMA indicate growing bullish momentum.
A breakout above $0.14 could propel ALGO toward the $0.1867 Fibonacci level and beyond.
With a market cap of $1.08 billion, ALGO price is currently ranking at 70th position in the crypto world. The ALGO token, trading at $0.1306, has increased by 7.15% in the past 24 hours.
With a bullish recovery at play, will the bull run in Algorand tokens surge to $0.18? Let’s find out in our latest ALGO price analysis article.
ALGO Price Analysis
With a morning star pattern formed at the $0.11 psychological support, the bullish trend in the Algorand token is gaining momentum. It has soared higher to $0.1304 in the past four days with four consecutive bullish candles.
With this recovery rally, the ALGO price action challenges a critical neckline near $0.13. Furthermore, the daily chart highlights a resistance trendline based on the previous prevailing downtrend. The ongoing recovery rally challenges the bearish influence and teases a potential breakout ahead.
Technical indicators:
MACD: Amid the rising bullish influence, the MACD and Signal line gives a bullish crossover with a surge of positive histograms.
SMAs: the uptrend has surpassed the 50-day simple moving average line and is ready to challenge the 200D SMA.
- Also Read :
- Ethereum Hit’s $3000-ETH Price at the End of a Pre-Bull Run Phase; a 100% Rally is Imminent
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Will ALGO Price Recover $0.20?
Currently standing at a crucial crossroads, the upcoming price trend will determine the future of the Algorand token. In case of a bullish breakout, the Fibonacci levels paint the upcoming target level at 23.60%, coinciding with the 200-day simple moving average line. This confluence stands at $0.14.
A bullish breakout is likely to hit the 50% Fibonacci level near the $0.1867. Meanwhile, a bearish turnaround will likely test the 50-day simple moving average line at $0.1245, with the next critical support level at $0.11.
FAQS
ALGO is trading at $0.1306, with a 7.15% gain in the past 24 hours.
ALGO aims for $0.14, $0.1867, and potentially $0.35 if the bullish breakout sustains.
Supports lie at $0.1245 (50-day SMA) and $0.11 (psychological level).
Yes 
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