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The post <a href="https://coinpedia.org/price-analysis/algo-price-tanks-ahead-with-high-speed-recovery-eyes-0-20-with-20-jump/">ALGO Price Tanks Ahead With High Speed Recovery, Eyes $0.20 With 20% Jump!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The altcoin market fires up with new heat engines thanks to Bitcoin crossing the $40K mark after a long wait of 19 months. Sharing the bullish template of the overall market, ALGO price takes a similar approach with a breakout rally.&nbsp; 
Increasing the trend momentum of its reversal rally, the rising demand for Algorand results in an 85% jump within 50 days. Further, the prolonged uptrend supports the optimistic <a href="https://coinpedia.org/price-prediction/algorand-algo-price-prediction/">ALGO price prediction</a>.&nbsp; 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="479" src="https://image.coinpedia.org/wp-content/uploads/2023/12/08123817/ALGOUSD_2023-12-08_12-05-40-1024x479.png" alt="" class="wp-image-252139" srcset="https://image.coinpedia.org/wp-content/uploads/2023/12/08123817/ALGOUSD_2023-12-08_12-05-40-1024x479.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/12/08123817/ALGOUSD_2023-12-08_12-05-40-300x140.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/12/08123817/ALGOUSD_2023-12-08_12-05-40-768x359.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/12/08123817/ALGOUSD_2023-12-08_12-05-40-1536x718.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/12/08123817/ALGOUSD_2023-12-08_12-05-40-150x70.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/12/08123817/ALGOUSD_2023-12-08_12-05-40.png 1814w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
Source- <a href="https://www.tradingview.com/x/DD6nrnMo/">TradingView</a> 
Changing the overall tone of the Algorand technical chart, the ongoing recovery rally changes the setting from red to green. Following the <a href="https://www.tradingview.com/chart/ALGOUSD/kBtUKf0p-Will-ALGO-Price-Sustain-Above-0-088/">bullish reversal</a> from $0.088, the ALGO price shoots to outperform the market expectations and cross the $0.15 psychological mark.&nbsp; 
Extending the Uptober rally till December, the bullish spirits are as high as ever for Algorand with the recent breakout. Given a consolidation breakout catalyzed by a rounding bottom break, Algorand skyrockets to make multiple consecutive bullish candles.&nbsp; 
Currently, ALGO price trades at $0.1657 with an intraday growth of 0.91% following the 7.32% jump last night. Evidently, Algorand is on a positive track with high possibilities of breakout trends.&nbsp; 
Technical indicators: 
RSI indicator: The RSI line in the daily chart reflects an increase in the underlying demand and supports the continuation of the bullish trend.&nbsp; 
MACD: The rising trend in the MACD and signal lines gains momentum post-bullish crossover. Further, the positive histograms resurface with increasing intensity. Therefore, the momentum indicators are supporting a breakout rally possibility in Algorand.&nbsp; 
<h2 class="wp-block-heading" id="h-will-algo-price-cross-0-1717">Will ALGO Price Cross $0.1717?</h2> 
With the ongoing recovery in full swing, buyers are looking to push the ALGO price beyond $0.1717. If higher highs can be formed, the altcoin could reach $0.19. This would put the altcoin on track to reach $0.20 before the end of 2023. 
Conversely, a reversal from $0.1717 can retest the $0.15 mark.

ALGO Price Tanks Ahead With High Speed Recovery, Eyes $0.20 With 20% Jump!

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