Briefly–
- Algorand has seen its price inside a consolidation phase for almost two months.
- Bulls have placed the crypto a bullish explosion in the Ichimoku Kinko System.
- The $3 mark is now the next high target.
Algorand (ALGO) has seen its price constrained inside the $.162 – $2.14 range in the last sixty days. Meanwhile, bulls have attempted to break out many times, but they encountered failure. Nevertheless, they managed to control bears to avoid further lows for the altcoin. For now, a pattern that might end this deadlock seems to emerge.
ALGO Eyes Massive Breakout, Targeting an ATH at $3.0
Algorand has seen its price actions completing a bull flag. Bull lags are consolidative channels that emerge after crypto records uptrends. According to technical analysis, consolidations following massive uptrend signal that the strong trend will continue.
Ichimoku Kinko Hyo can help identify possible price levels that show a new upsurge may occur. Nevertheless, ALGO buyers may only enter long positions when Algorand’s daily close in beyond the Kijun-Sen, Tenkan-Sen. And Cloud. Also, buyers should keep the Chikuo Span is in an open area above the candles.
Keep in mind that Algorand requires a daily close beyond the $2.30 mark to confirm buyers’ optimism before the alternative coin witnesses a robust breakout.
Meanwhile, the downward move has similar conditions. Bears appear committed to creating a massive shorting environment for ALGO. However, the altcoin has higher chances of surging than moving lower. For now, sellers need the determination to ensure a daily close under 50% FIB retracement level at $1.62 to present shorting opportunities.
Though sellers can amplify their actions to take ALGO beneath the 50% FIB retracement area, downside risks remain minimal. Furthermore, the high volume node in 2021 Volume Profile plus 61.8% FIB retracement share the value area at $1.45, limiting potential southward movements.
With that, all odds appear to favor ALGO ascent. The alternative coin has a high probability of maintaining an upward stance, exploding to hit its predicted target at $3.00 in the upcoming few weeks.