• Thu. Feb 22nd, 2024

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.

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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.

By mundissima – shutterstock.com

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