With an extraordinary recovery for Algorand, the altcoin continues to scale new heights as the year concludes on a bullish note for the entire crypto market. With a 45% YTD growth, the ALGO price trend is on a journey to form a new 52W high in 2023.
With a 31% surge this week, Algorand demonstrates a robust revival and marks a bullish breakout. Furthermore, the rising momentum and the increasing number of investors willing to purchase Algorand’s native token at lower levels foreshadow an uptrend.
Therefore, the ongoing trend supports the bullish ALGO price prediction.
Source- TradingView
With the recovery rally giving a bullish breakout fo a rounding bottom pattern, the ALGO price trend continues to sustain the uptrend. With a 142% rally in the last three months, the Algorand market cap tops the $2 Billion mark.
Crossing the neckline at $0.22-$0.23, ALGO crypto marks the bullish breakout with a sharp increase in trading volume. Further, the enthusiastic buyers fuel the bullish frenzy leading to two bullish engulfing candles and testing the $0.25 mark.
Currently, the ALGO price trades at $0.2505 with an intraday growth of 11.94%. Considering the altcoin sustains the momentum, the breakout rally will likely propel the bullish trend to cross beyond $0.30.
Technical indicators:
Bollinger Bands: A bullish continuation stretches the upper Bollinger band, indicating that the uptrend is in motion as the breakout rally gains momentum.
MACD: Following the bullish crossover, the upward trajectory of the MACD and signal lines gains momentum. Additionally, the positive histograms reappear with increasing strength. As a result, the momentum indicators support the possibility of a breakout rally in Algorand.
Will ALGO Price Sustain Above $0.30?
The altcoins prepare for a bull run as the market remains overall bullish and anticipates a bullish trend to continue gaining momentum with the New Year. Similarly, the Algorand chart price trend displays a likelihood of ALGO price rounding bottom breakout rally forming new swing highs.
Therefore, the bullish actions in play tease sustenance above $0.25. If the uptrend breaks above $0.30, the price could reach $0.342. This would put the altcoin on track to potentially reach $0.40.
Conversely, a reversal from $0.25 can retest the $0.20 mark.
