With the altcoins market gaining momentum near the year’s end, the market recovery anticipations are higher than ever. Gaining traction from the market recovery, the ALGO price takes a bullish turnaround in the consolidation range.
Preparing a trend continuation pattern, the price trend analysis displays a high likelihood of the prevailing uptrend continuing this month. Further, the increased trading volume teases a high speed upside move, aligning with the bullish ALGO price prediction.
Source- TradingView
In the 4H chart, the ALGO price trend charts a sideways trajectory and forms a consolidation range between $0.12 and $0.15. Further, the price trend remains volatile and crosses the 50 EMA multiple times.
Providing bullish resort, the high demand near 200 EMA in the 4H chart leads to multiple higher low formations. Further, the going recovery teases the underlying demand ready to burst open the range and prolong the uptrend.
Planning for a bullish breakout, the ALGO price shows a rounding bottom pattern within the range. With a neckline at $0.1420, the bullish continuation pattern can be the triggering point for a range breakout.
Currently, Algorand price trades at $0.1415 with an intraday growth of 1.51% following the 4.26% jump last night. Creating a bullish candle followup to the bullish engulfing candle reflect strong underlying demand.
Technical indicators:
RSI indicator: The RSI line in the 4H chart reaches the overbought boundary and reflect a rise in the bullish momentum.
EMA: The bullish trend influences positive turnaround in the 50-day EMA leading to a high possibility of a golden crossover with the 200-day EMA.
Will ALGO Price Jump Reach $0.1717?
With the high speed recovery ready to extend the positive journey, the buyers hatch out a plan of action in the 4H chart. Forming a rounding bottom pattern, the ALGO price teases a breakout rally to challenge the $0.15 mark.
Capitalizing on market recovery, the chances of a range breakout for Algorand are favorable. Therefore, the altcoin shows potential to reach $0.1717 with the $0.15 breakout.
On the flip side, a reversal from $0.1420 or $0.15 can retest the 200 EMA in the 4H chart at $0.1277
