Algorand Price Forecast: ALGO right on track to hit $1.05 as it encounters no resistance

Algorand price had a massive 18% move in the past 24 hours to $0.992.
The digital asset broke out of an ascending wedge pattern on the 12-hour chart.
The bullish price target of $1.05 will most likely be hit within the next few hours.

Algorand has experienced a massive rally since the beginning of 2021 and it’s getting closer to its previous all-time high levels hitting a market capitalization of over $1 billion.

Algorand can quickly hit $1.05 and perhaps even more

On the 12-hour chart, Algorand price had a bullish breakout from an ascending wedge pattern with a price target of $1.05. The digital asset had a brief pullback to re-test the previous resistance level and held it with a significant rebound towards the target.

ALGO/USD 12-hour chart

Algorand will most likely hit $1.05 within the next 24 hours as it faces no significant barriers ahead. Since Algorand is practically in price discovery mode, we can use the Fibonacci tool to determine next potential levels on the way up.

ALGO/USD daily chart

The next bullish price target is $1.20 which is the 127.2% Fibonacci level followed by $1.47 which is the 161.8% level.

ALGO/USD 4-hour chart

However, on the 4-hour chart, the RSI is overextended and it has been an accurate indicator of upcoming pullbacks. In the past three overextensions, Algorand price dropped towards the 26-EMA, touching this support level and rebounding. Another fall would push ALGO down to around $0.84 which is where the 26-EMA is currently established

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.