ALGO Price Alert: Bulls Fight Back at Critical Support

ALGO tests key support as bulls protect falling channel. The bullish momentum and Elliott Wave alerts of further declines in the Algorand price.

ALGO is at a crossroads, with the token critical support levels. The next direction of Algorand is contested by bulls and bears.

Source: Butterfly

Butterfly Chart on X shows that ALGO tries to recover. The price rebounds off the lower line of the descending channel. On the daily chart, Bulls stand firm in this support.

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Momentum Shifts as Support Holds Strong

The technical image indicates the accumulation of bullish momentum. Butterfly Chart records the possibility of a buy-back soon. Bulls seem to have ALGO set to shoot towards $0.23.

This zone is monitored by short-term traders. The downward channel support is important. A long-term bounce would provoke a powerful rise.

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Elliott Wave Warns of Deeper Danger Ahead

Morecryptoonl on X offers a long-term opposing perspective. ALGO is proceeding along a downward price trajectory. The chart can soon challenge the lows of August 2024.

Source:Morecryptoonl 

Elliott Wave shows worrying trends. The structure demonstrates a three-wave movement into highs in 2021. This was accompanied by a five-wave drop to August 2023 lows.

The other three-wave upward movement reached its December 2024 peaks. That summit was the beginning of the current decline. Morecryptoonl cautions that the market may see a third wave drop.

Critical Levels Define ALGO’s Next Move

The downside target is 8.7 cents to 9.7 cents. This area includes the 2023 and 2024 lows in August. A fall below would bring about new lows.

The bullish scenario has its conditions. ALGO needs to overcome the resistance at 17.6 cents to 27 cents. Then it has to re-test the December 2024 highs.

Morecryptoonl points out that caution is still necessary. There is no established local minimum yet. ALGO is a falling knife until there is evident momentum switching.

The cryptocurrency is at a crossroads. Bulls protect on highs, whereas bears aim at lower lows. These levels are monitored by traders to see the next major move of ALGO.

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