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.
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 ALGO price prediction.
Source- TradingView
Changing the overall tone of the Algorand technical chart, the ongoing recovery rally changes the setting from red to green. Following the bullish reversal from $0.088, the ALGO price shoots to outperform the market expectations and cross the $0.15 psychological mark.
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.
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.
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.
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.
Will ALGO Price Cross $0.1717?
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.
