ALGO Price Gears up for $0.18 as Bulls Anticipate Breakout Rally?

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. 

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.

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