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The post <a href="https://coinpedia.org/price-analysis/algo-price-breakout-rally-ready-to-challenge-0-50/" rel="noopener noreferrer nofollow">ALGO Price Breakout Rally Ready To Challenge $0.50</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
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 <a href="https://coinpedia.org/price-prediction/algorand-algo-price-prediction/" rel="noopener noreferrer nofollow">ALGO price prediction</a>.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/-CMVm8MTDaG0ApLoA62oRcpseHQQGPggY-R_2k1-X5zxzhYXTTZ2nh8_ZfJXapujeDINOq0g8lHS1Tse4xLGA48IYj72RBvHfiXTzxv5eUZzMdt6AiJq6722JJkG5z0_NtdhZ6WxeKf8Cj3z24b2irY" alt="">
</figure>
Source- <a href="https://www.tradingview.com/x/Ta0Duq5H/" rel="noopener noreferrer nofollow">TradingView</a>
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.
<h2 class="wp-block-heading" id="h-will-algo-price-cross-0-50">Will ALGO Price Cross $0.50?</h2>
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.

ALGO Price Breakout Rally Ready To Challenge $0.50

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