The altcoin market is in a high-speed recovery phase as Bitcoin surpasses the $40K mark. This indicates a greedy market. Overcoming Algorand’s dominance, the high demand escalates ALGO price to form multiple bullish candles.
As the market value supports the 200-day EMA, the dynamic support acts as a bounce pad to propel Algorand’s price beyond $0.15. Furthermore, the breakout phase reinforces the ALGO price prediction of a bull run to $0.20.
With a clear trend reversal evident in the daily chart, the ALGO price sustains the bullish trend as it bounces from the 200-day EMA. Additionally, the increasing trend in trading volumes supports the upward movement in Algorand’s price trend, adding credibility to the uptrend.
Forming 4 consecutive bullish candles, Algorand capitalizes on the market recovery and delivers a range breakout. Surging over 15% in the last 4 days, the bullish trend nears the next resistance at $0.1717.
With the range breakout candle providing a strong closing, the high supply pressure ahead hints at a retest to pushback. Furthermore, the higher price rejection in the current daily candle teases a similar hypothesis.
Currently, Algorand’s price trades at $0.1548 with an intraday growth of 2.31% following the 2.43% dive last night.
Technical indicators:
RSI indicator: The RSI line in the daily chart approaches the overbought border. The line flattens before reaching it and indicates growing underlying striking a potential stagnancy.
EMA: The bullish trend is sustained due to the dynamic support of the 200-day EMA. Furthermore, the uptrending 50-day EMA teases a golden crossover, which would certify Algorand’s trend reversal and enhance the uptrend potential.
With the high-speed recovery poised to extend the positive journey, the buyers are ready to lengthen the $0.15 breakout rally. With higher highs, the ALGO price shows the potential to cross $0.1717. The altcoin shows the potential to cross $0.1717 and attempt a bull run to $0.20.
On the flip side, a reversal under $0.15 can retest the $0.1277 mark.
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Sohrab Khawas
Sohrab is an enthusiastic cryptocurrency news writer with over 5 years of experience covering the market. He maintains a keen interest in blockchain technology and its potential to transform 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 enjoys his hobbies of graphic design, minimal design, or listening to his favorite hip-hop tunes.
