- ALGO price overpowered another resistance zone at $0.818 amid extended upswings.
- Enthusiasts may expect another 30% surge if bulls ensure a rebound from the support of $0.818.
- A daily candle close under the $0.675 support floor will cancel Algorand’s bullish thesis.
- Algorand (ALGO) has presented steady surges since 14 March and appears ready to extend the leg-up. The latest upward move looks to overturn a resistance zone into support before catalyzing more uptrend for the altcoin.
ALGO Contemplates a New Surge
The last two weeks have had Algorand price gaining 43%, slicing beyond the weekly resistance zine around $0.818. Though the upswing rose past the mentioned obstacle, it has not retested the mark as support.
That way, market participants should await a slight drop that hits the $0.818 mark as support. Successful retest will signal the upcoming upswing that will push ALGO high by approximately 30% to print a swing peak near $1.04.
Some scenarios will see this move extending towards the obstacle near $1.15, translating to a 41% total gain for Algorand price.
While everything seems up for ALGO, the explained retracement might never occur. Instead, ALGO will extend its upward move from the current price, $0.918. That move has the potential of reversing ALGO’s trend because of bullish exhaustion.
Weak bullishness will trigger downtrends. Algorand producing a daily candlestick close under the support level of $0.675 will cancel the bullish narrative by forming a lower low.
Such moves will see market makers pushing Algorand lower to gather sell-stop liquidity created in 2021 May and July. Buyers may regroup in this area to attempt another hike.
Algorand registered positive trends over the past couple of days as the overall market posted lucrative gains. ALGO climbed to conquer the resistance at $0.818. Retesting this area as a support barrier might trigger another 30% ascent for the alt.
Broad market support is essential for ALGO to attain its upside goals. The global crypto market value changes hands around $2.16 trillion, following a 1.96% surge over the previous day. Keeping the upside bias will back Algorand towards its upside journey.
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