ALGO Breakout Potential: Daily Chart Signals Upside Toward $0.3116 Target
Algorand (ALGO) continues a positive price trajectory, extending its recent upside momentum. Over the past 24 hours, ALGO has climbed nearly 4.93%, reflecting renewed buying interest. On a broader scale, the token posted a strong weekly performance, recording an impressive 21% surge amid improving market conditions and rising trader participation.
At the time of writing, the token is trading at $0.01470, supported by growing market activity. The 24-hour trading volume stands at $63.49 million, representing a 30.07% daily increase. Meanwhile, market capitalization is valued at $1.24 billion, marking a 4.94% increase over the same period as momentum strengthens.
Also Read: Algorand (ALGO) Poised for $0.32 Rally as Double Bottom Takes Shape
Daily Chart Shows Short-Term Recovery Momentum
From a technical standpoint, on the daily chart, Algorand shows a short-term recovery after forming a base near the $0.11–$0.12 zone. Price trades around $0.142 and has moved above the 20 EMA and 50 EMA, signaling improving bullish momentum. However, the broader market structure still reflects a prevailing bearish trend.
However, despite the sharp upside move, it is still short of the 100 EMA at $0.154 and not far from the 200 EMA at $0.18. The RSI at 67 continues to reflect sharp buying, although an overbought level may witness some temporary pullbacks.
Consolidation Phase Signals Potential Breakout
According to crypto analyst @LordOfAlts, the daily chart for ALGO indicates that the markets are consolidating at around $0.125-$0.135 levels. This pattern was also seen at $0.108 levels as well. It resulted in an upward trend to $0.3538 levels, creating a 225.70% gain and establishing the pump region.
At present, ALGO is also falling within a tight range, with continuous reactions around $0.125, with little follow-through on the downside. Also, there is little buying volume, similar to the previous accumulation phase. It appears that the selling force is waning, just like during the previous period preceding the breakout, which ignited the 225% move from the start.
But if the breakout at the consolidation is on the higher side, it is expected to reach the measure target of $0.3116, with a potential gain of approximately 222.41% from the base. A target on the upper resistance level is seen at the zone of $0.4235.
Also Read: Algorand Eyes $0.48 after Google Cloud Collaboration
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