Making a sharp recovery over the past few weeks, the ALGO price is signaling a trend reversal. Moreover, the uptrend reclaims many significant price levels that support the prolonged uptrend theory in Algorand prices.
However, the current market price of Algorand is extremely far from its all-time high with the threat of a sudden supply inflow.
Check out our ALGO price prediction for 2023-2030 now to see what the future holds for Algorand!
The 17% recovery rally in ALGO price breaks the long-forming descending triangle in the daily chart. Moreover, the uptrend surpasses the 50-day EMA by a mark, but the prices must be sustained to confirm the breakout.
The ALGO price is currently trading at $0.1012, slightly above the psychological mark of $0.10, with an intraday fall of 0.78%. Moreover, the 4.72% jump forming a bullish engulfing candle yesterday adds brownie points to the breakout theory.
With the 50-day EMA breakout signaling a major trend reversal opportunity for Alogrand, the sideline buyers are ready to enter the game. Moreover, the recent spike breaks multiple previous spikes, which reflects the strong underlying bullish sentiments.
Technical indicators:
RSI indicator: The RSI line is moving higher above the halfway line, which resonates with the increasing bullish momentum.
MACD indicator: With the MACD and signal lines rising higher, the indicator is projecting a bullish trend for ALGO price.
Will ALGO Price Sustain Above $0.10?
The bulls can find tremendous uptrend momentum if ALGO price sustains above the $0.10 crucial mark. Moreover, the triangle breakout supports the uptrend possibility, increasing the chances of skyrocketing this week.
If the prices sustain above $0.10, the uptrend can reach higher to the $0.14 mark.
On the other hand, if the price fails to sustain, it could start a new downtrend. Traders can expect the Algorand price to find a new low of $0.081.
