Algorand price could rally to $1.06 if the bulls maintain support
- ALGO price consolidates above a parallel trend channel.
- ALGO price can rally towards $1.06.
- An invalidation for the bullish trend is at $0.7610.
ALGO price action looks impulsive
Algorand price has consolidated all week as the digital asset currently hovers at $0.92. It was mentioned in last week's thesis that the bulls would likely be trailing up stops as the first target for the March 16th trade setup was successfully reached at $0.87. ALGO price continued the rally, recently tapping the prominent 161.8% and 200% Fibonacci levels at $0.92 and $0.98, respectively.
Algorand price now consolidates above a breached parallel trend channel which screams bullish momentum for the future. A surpass of the current swing high at $0.98 could warrant breakout traders to aim for the $1.00 and $1.06 levels in the weeks to come, resulting in a 17% rally from the current ALGO price.
ALGO/USDT 1-Day Chart
An invalidation for this trade setup is vital for traders who have not participated in this month's earlier trade setups. ALGO price should under no circumstances fall 17% below $0.7610. If this selloff were to occur, the bulls would lose all momentum. Algorand price would likely fall into $0.70 and retest the broken wedge at the mid-$0.60 zone, resulting in up to a 30% crash from the current price.
Author
FXStreet Team
FXStreet
