Algorand looks ready for a big move. Crypto analyst Steph is Crypto recently highlighted a “W” breakout pattern on ALGO’s price chart, suggesting a potential price surge to $1.26.
With token trading a little above $0.30, this analysis points to a significant bullish opportunity if key resistance is surpassed. The detailed chart pattern and technical setup underline the token’s potential for a 300% rally, making ALGO a topic of interest for traders and investors alike.
What you'll learn 👉
The Double Bottom Pattern on ALGO’s Price Chart
The chart shared by Steph is Crypto reveals a classic double bottom pattern, commonly referred to as a “W” formation. This technical setup often indicates a trend reversal from bearish to bullish. The two troughs in the $0.10 to $0.15 range suggest strong buyer support at these levels.
The horizontal neckline, positioned at approximately $0.30–$0.32, serves as a critical resistance point. Breaking through that resistance would confirm what the charts are showing us. All signs point to a strong upward move to $1.26 if this plays out.
Key Levels to Watch for ALGO
Support levels for ALGO’s price are between $0.10 and $0.15, with buyers stepping in to defend these zones. On the upside, the $0.30–$0.32 range has emerged as a key resistance. A daily close above $0.32, as emphasized by Steph is Crypto, would signal the breakout required to validate the bullish setup.
The projected target of $1.26 is derived by adding the height of the pattern ($0.22) to the neckline breakout point. This move would represent a 300% price increase from current levels, capturing the attention of market participants.
Potential Risks and Factors to Consider
While the setup appears bullish, certain risks remain. If ALGO’s price doesn’t break past $0.32, it could fall back to $0.15 support. The overall crypto market and economic trends will likely affect where ALGO goes next.
Keep an eye on trading volume – that’s what tells us if a price jump is real or not. Low volume means the price might have trouble staying up.
Read Also: Analysts Predict Solana (SOL) Price Surge: Analysis Points to $325-$500 Range
Steph is Crypto’s tweet places the spotlight on $0.32 as the decisive level for ALGO’s next move. A confirmed breakout could lead to a sharp rally, offering significant upside potential for traders targeting the $1.26 level.
This analysis highlights the growing bullish momentum behind ALGO and positions it as a token to watch in the coming days.
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