Algorand’s ALGO is a top performing crypto today. The ALGO price is up 19.3% today and over 40% in the last 7 days.
The recent price jump might be connected to the political landscape. Ever since Trump won the US elections, some popular US-based altcoins started to bounce back. We’ve seen similar recoveries with coins like ADA, XRP, HBAR, and now ALGO is joining the party.
World of Charts updated his Algorand price outlook in a viral tweet this morning. Their latest tweet broke down Algorand’s price movement, and traders are taking notice.
Digging into the chart details tells an interesting story. ALGO has been trapped in a downward trend since 2021, with the price consistently making lower highs. But something changed recently – the price broke through this long-standing downward trendline. For crypto traders, this is like breaking out of a long, tight corridor.
The price action is particularly interesting. ALGO was stuck around $0.20 for a while, using this level as a consolidation point. Now it’s pushing towards $0.65 – a price point that catches attention from traders who’ve been watching this coin since 2021. Before this rally, the coin was building a solid base between $0.10 and $0.15, setting up the conditions for a potential breakout.
And what a breakout it’s been. ALGO has surged around 185%, with green candles showing strong bullish momentum. The move looks textbook – after breaking out, the price tested the previous resistance level as a new support, before continuing its upward journey. This kind of price action gets traders excited, especially when it’s backed by increasing trading volume.
The breakout happened from what looks like a converging wedge or channel, another technical pattern that suggests a potential trend reversal. It’s the kind of chart setup that makes technical analysts lean forward and take notice.
The smart money is staying patient, watching for potential entry points or confirmation of the continued uptrend.
Read also: Mantra (OM) Price Set to Explode as Liquidity Grab Hints at Massive Bull Run!
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