Briefly –
- ALGO prices remain trapped inside a continuation formation as the coin confuses predictions.
- Algorand can see a 35% upswing to $2.17 if ALGO breaks past $1.62.
- Meanwhile, slicing under $1.45 might mean trouble for the bulls.
ALGO prices remain locked inside a consolidation formation as the altcoin lacks directional intentions. The crypto confuses predictions while registering higher lows and lower highs. A significant break beneath or above the prevailing chart pattern would suggest a 35% price move.
ALGO at Crossroads
ALGO sees its price sealed inside a symmetrical triangle formation on the four-hour price chart. For now, the alternative seems to move in defined technical levels. The primary technical pattern’s topside boundary serves as a massive resistance for Algorand. Meanwhile, the triangle’s lower border provides dependable support.
If ALGO bulls step up to control, the alt will encounter the closest resistance at 21 4Hr SMA near $155, then the 38.2% FIB retracement area of $1.59. Algorand price will face the challenging obstacle at the prevailing chart pattern’s top trend-line at $1.62. The level intersects with 50 4Hr Simple Moving Average. Overpowering this resistance can translate to a 35% upsurge towards $2.17.
Following obstacles will showcase at 50% retracement area at $1.68, then the 100 4Hr Simple Moving Average (SMA) at $1.70. Increased buy orders might witness ALGO tagging 61.8% FIB retracement area of $1.76, then 200 4Hr Simple Moving Average at $1.78.
Furthermore, Algorand has to overpower 78.6% FIB retracement area of $1.89, then 2 December high of $2.0. Only by that will Algorand bulls attain their bullish target.
If selling pressure receives added momentum, ALGO price might first test 23.6% FIB retracement zone of $1.49 as its support. An extra foothold will appear at the triangle’s lower boundary at $1.45. A drop under this defense line can lead to the pessimistic prediction of a 35% decline, aiming at $0.96, a low not explored since 27 August.
For now, Algorand remains indecisive with an imminent 35% move. Nevertheless, the altcoin confuses predictions at the moment. ALGO’s upcoming move might depend on the overall crypto market mode. Will the alt surge or drop? You can comment below.
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