The altcoin market is on fire with a new heat engine as Bitcoin surpasses $40,000 after a long wait of 19 months. Sharing the bullish template of the overall market, ALGO price takes a similar approach to a breakout rally.
As the trend momentum of the reversal rally increased, demand for Algorand increased, resulting in an 85% rally in less than 50 days. Additionally, the long-term upward trend supports our optimistic ALGO price prediction.
Source- TradingView
The overall tone of the Algorand technical chart changes, with the ongoing recovery rally changing its setting from red to green. Following the bullish reversal at $0.088, ALGO price surpassed market expectations and crossed the psychological $0.15 level.
With the recent breakout extending the Uptober rally into December, optimism about Algorand is higher than ever. Given the consolidation breakout facilitated by the round bottom breakout, Algorand surges, creating several consecutive bullish candles.
ALGO price is currently trading at $0.1657, up 0.91% intraday, following a 7.32% rise last night. Clearly, Algorand is moving in a positive direction as a breakout trend is likely.
Technical indicators:
RSI indicator: The RSI line on the daily chart reflects an increase in underlying demand and supports the continuation of the bullish trend.
MACD: The uptrend of MACD and the signal line gains momentum after a bullish crossover. Additionally, positive histograms reappear with increasing intensity. Therefore, momentum indicators support the possibility of a breakout rally for Algorand.
Will ALGO price exceed $0.1717?
With a full-fledged recovery underway, buyers are trying to push the ALGO price above $0.1717. If higher highs can form, the altcoin could reach $0.19. This would allow the altcoin to reach $0.20 before the end of 2023.
Conversely, a reversal at $0.1717 could retest the $0.15 mark.