ALGO Price Breakout Rally Ready To Challenge $0.50

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Written By Pinang Driod

Amid the recent sell-off in the crypto market, the ALGO price witnessed a temporary pullback to the psychological level of $0.2. The lack of follow-up to the reversal candle reflects the market sentiment of buying the dips.

An immediate rebound from the aforementioned psychological level surged the AGIX price by over 20% in the last 48 hours. The renewed recovery preserved the bullish cup and handle pattern and a positive projection, as mentioned in our ALGO price prediction. 

Source- TradingView

ALGO shows a classic rebound from the last correction trend in early February when the price bottomed at $0.155. The renewed recovery propelled altcoin 71.6% within five weeks to currently trade at $0.26.

The price chart shows this upswing as the completion of a traditional reversal pattern called the cup and handle pattern. On March 7th, the ALGO price breached the pattern’s neckline resistance, indicating a major shift in market dynamics.

Earlier this week, the optimistic trend for Algorand’s price was on the verge of being undermined by a recent market downturn. However, a rebound from the $0.2 psychological support offered a higher conviction from buyers and preserved the positive outlook.

Technical indicators:

RSI: The daily RSI line surged back above 70%, reflecting that buyers are leading an aggressive rally and are attracting momentum traders in the market.

EMAs: The fast-moving 20-and-50-day EMA provides a suitable pullback opportunity to buyers amid the current recovery trend.

Will ALGO Price Cross $0.50?

While the broader market trend is bullish, the ALGO is likely to march on the bullish pattern paved by a cup and handle pattern. With sustained buying, the buyers may drive the altcoin price to the $0.3 mark, followed by $0.50.

However, the antiquated rally won’t be unidirectional, as the Algorand coin shows a pattern of occasional pullback to stabilize the recovery trend.

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