Algorand

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/algo-price-analysis-is-algo-set-to-skyrocket-with-this-break/">ALGO Price Analysis: Is ALGO Set To Skyrocket With This Break?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Making a sharp recovery over the past few weeks, the ALGO price is signaling a trend reversal. Moreover, the uptrend reclaims many significant price levels that support the prolonged uptrend theory in Algorand prices.&nbsp; 
However, the current market price of Algorand is extremely far from its all-time high with the threat of a sudden supply inflow.&nbsp; 
Check out our <a href="https://coinpedia.org/price-prediction/algorand-algo-price-prediction/" rel="noopener noreferrer nofollow">ALGO price prediction for 2023-2030 </a>now to see what the future holds for Algorand! 
<figure class="wp-block-image size-large"> 
 <img decoding="async" width="1024" height="463" src="https://image.coinpedia.org/wp-content/uploads/2023/09/23163206/ALGOUSD_2023-09-23_16-31-55-1024x463.png" alt="" class="wp-image-232226" srcset="https://image.coinpedia.org/wp-content/uploads/2023/09/23163206/ALGOUSD_2023-09-23_16-31-55-1024x463.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/09/23163206/ALGOUSD_2023-09-23_16-31-55-300x136.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/09/23163206/ALGOUSD_2023-09-23_16-31-55-768x347.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/09/23163206/ALGOUSD_2023-09-23_16-31-55-1536x694.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/09/23163206/ALGOUSD_2023-09-23_16-31-55-150x68.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/09/23163206/ALGOUSD_2023-09-23_16-31-55.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px"> 
</figure> 
The 17% recovery rally in ALGO price breaks the long-forming descending triangle in the daily chart. Moreover, the uptrend surpasses the 50-day EMA by a mark, but the prices must be sustained to confirm the breakout.&nbsp; 
The ALGO price is currently trading at $0.1012, slightly above the psychological mark of $0.10, with an intraday fall of 0.78%. Moreover, the 4.72% jump forming a bullish engulfing candle yesterday adds brownie points to the breakout theory. 
With the 50-day EMA breakout signaling a major trend reversal opportunity for Alogrand, the sideline buyers are ready to enter the game. Moreover, the recent spike breaks multiple previous spikes, which reflects the strong underlying bullish sentiments.&nbsp; 
Technical indicators: 
RSI indicator: The RSI line is moving higher above the halfway line, which resonates with the increasing bullish momentum. 
MACD indicator: With the MACD and signal lines rising higher, the indicator is projecting a bullish trend for ALGO price.&nbsp; 
<h2 class="wp-block-heading" id="h-will-algo-price-sustain-above-0-10">Will ALGO Price Sustain Above $0.10?</h2> 
The bulls can find tremendous uptrend momentum if ALGO price sustains above the $0.10 crucial mark. Moreover, the triangle breakout supports the uptrend possibility, increasing the chances of skyrocketing this week.&nbsp; 
If the prices sustain above $0.10, the uptrend can reach higher to the $0.14 mark.&nbsp; 
On the other hand, if the price fails to sustain, it could start a new downtrend. Traders can expect the Algorand price to find a new low of $0.081.

ALGO Price Analysis: Is ALGO Set To Skyrocket With This Break?

Table of Contents

CoinPedia News

Other articles published on Sep 24, 2023

China-EU tug-of-war: EU sounds alarm on growing strains

Chainlink Taps ETH Layer-2 Protocol For Cross-Chain Development

Terra Classic Community Votes to Halt USTC Tokens

Blockchain Association CEO discusses the slow pace of stablecoin regulation

XRP’s Path to $100,000: The Role of Asset Tokenization and On-Demand Liquidity

Solana's 0.18% Price Increase to $19.62: Key Insights for September 24, 2023

Join our free newsletter for daily crypto updates!