After the technical breakout over the past month, Algorand’s (ALGO) price rose by 100%. Crypto analyst Lucky mentioned on X (formerly Twitter) that this impressive performance aligns with the upward momentum seen across other big-cap projects.
Moreover, Lucky suggested ALGO is not only capitalizing on market-wide confidence but is also positioned for even greater heights. The combination of bullish technical patterns and optimistic sentiment has driven significant interest in ALGO’s future potential.
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What you'll learn 👉
ALGO Price Breaks Out from Descending Triangle Pattern
An examination of ALGO’s price chart reveals that the price broke out of a descending triangle, which is a figure that suggests the potential for a bullish reversal. ALGO began its growth under the $0.1467 support level and was last seen trading at $0.2920, suggesting a 100% gain over the $0.1467 limit. This breakout was accompanied by strong bullish momentum, as evidenced by a long green candle indicating heightened buying interest.
The next resistance lies near $0.30, aligning with previous highs observed earlier in the year. If this bullish momentum carries on, analysts believe a target range of anywhere between $0.32 to $0.34 is plausible. On the contrary, if retracement occurs, the $0.20 level is likely to act as strong support again.
Lucky’s tweet highlighted the broader trend of rising big-cap projects and connected ALGO’s surge to this movement. He noted a +100% profit from earlier signals, attributing the rally to growing market confidence. His assertion that ALGO is poised for “greater heights” aligns with the bullish technical patterns observed on the chart. The tweet also serves as a subtle reminder for investors to perform due diligence, as emphasized by the inclusion of “DYOR – NFA.”
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Where is ALGO’s Price headed?
With the breakout gaining traction, market participants are monitoring ALGO’s trajectory toward $0.34. Fibonacci retracement levels between $0.30 and $0.35 suggest potential recovery zones, indicating the price could consolidate before making another upward move. The strong buying momentum further reinforces the optimism surrounding ALGO.
ALGO’s rally is not occurring in isolation but is part of a broader wave of bullish activity in the cryptocurrency market. This upward trend in big-cap projects underscores investor confidence in established blockchain platforms like Algorand. If current patterns persist, ALGO’s price could continue its climb, supported by strong technicals and market sentiment.
As traders and investors remain optimistic, the combination of technical signals and favorable market conditions keeps ALGO on the radar for potential further gains.
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Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
