Algorand price has traders trailing up stops as the bulls have breached the first target
|- Algorand price have risen 25% this week.
- ALGO price has a strong Fibonacci level 5% above the current price.
- A break, retest, and surge above $0.93 will invalidate the neutral thesis.
Algorand price should have investors cautiously watching the digital asset as the first target has already been breached.
Algorand price says "give it more time"
Algorand price is trading at $0.89, 25% above the breakout level. It was mentioned in Monday's thesis that the wedging-like pattern could potentially break upwards and estimate a price projection of 25%.
Traders who missed the move should consider waiting for more price action to unfold as a Fibonacci retracement tool has the 1.618 level 5% above the current price.
Algorand price should also warrant traders to trail their stops as the 1.618 level may never get touched since it is likely many pattern traders have issued automated sell orders into the wedge's $0.89 target.
Market conditions could project further upside for ALGO price. The bulls would have to break above and retest the 1.618 Fib level at $0.93 with a more significant uptick in volume. The next target for the bulls would be the 2 and 2.618 Fibonacci levels at $0.98 and $1.06, representing a 20% increase from the current price.
ALGO/USDT 8-Hr Chart
It is also worth noting that the volume pattern decreases as the ALGO price rallies, which could be early evidence of weakness in the trend. Ultimately, a break below the green ascending trend line at $0.70 could invalidate the bullish momentum and send prices back into $0.73 and $0.70.
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