With a market capitalization of $1.08 billion, ALGO currently ranks 70th in the crypto world. The ALGO token, which is trading at $0.1306, is up 7.15% over the past 24 hours.
Will the bull run in Algorand tokens rise to $0.18 if there is a bullish recovery? Let’s find out in our latest ALGO price analysis article.
ALGO price analysis
With a morning star pattern formed at the psychological support of $0.11, the bullish trend in the Algorand token is gaining strength. It has moved higher to $0.1304 with four consecutive bullish candles in the last four days.
With this recovery rally, ALGO price action is challenging 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 portends a possible breakout.
Technical indicators:
MACD: Amidst the increasing bullish influence, the MACD and signal line give a bullish crossover with a wave of positive histograms.
SMAs: The uptrend has crossed the 50-day simple moving average line and is ready to challenge the 200D SMA.
Will ALGO price recover $0.20?
Currently, the upcoming price trend is at a crucial crossroads and will determine the future of the Algorand token. In the event of a bullish breakout, the Fibonacci levels outline the upcoming target level at 23.60%, which coincides with the 200-day simple moving average line. This coincidence amounts to $0.14.
A bullish breakout is likely to reach the 50% Fibonacci level near $0.1867. Meanwhile, a bearish turnaround is likely to test the 50-day simple moving average line at $0.1245, with the next critical support level at $0.11.
Frequently asked questions
ALGO is trading at $0.1306, with a gain of 7.15% in the last 24 hours.
ALGO is targeting $0.14, $0.1867 and possibly $0.35 if the bullish breakout continues.
The support is at $0.1245 (50-day SMA) and $0.11 (psychological level).