Lorenzo Stroe
Independent Analyst
- Algorand price is contained inside an ascending triangle pattern on the 4-hour chart.
- The digital asset is up by 15% in the past 24 hours and bulls aim for more.
- ALGO needs to climb above a crucial resistance level to see a significant breakout.
Algorand has been trading sideways inside a tightening pattern and seems ready for a massive breakout if bulls can push the digital asset above a key resistance level. The entire cryptocurrency market has recovered significantly, favoring the bulls.
Algorand price is on the brink of a 26% breakout towards $1.5
On the 4-hour chart, Algorand has established an ascending triangle pattern that seems to favor the bulls amid the recent cryptocurrency market recovery. Bulls need to push ALGO above the 50-SMA level first.
ALGO/USD 4-hour chart
The critical resistance trendline is located at $1.15. A breakout above this point will quickly drive Algorand price towards the 100-SMA at $1.25, and eventually up to the long-term price target of $1.5.
ALGO/USD 4-hour chart
On the other hand, failure to hold the price above the 50-SMA would lead Algorand towards the lower trendline at $1. A breakdown below this point has a price target of $0.72.
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