Algorand (ALGO) Readies for a Significant Price Movement

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The Algorand (ALGO) price is close to breaking out from a confluence of resistance levels, which could catalyze a massive price increase.

The ALGO price has fallen under a descending resistance line since September 2021. The line has rejected the price numerous times, most recently in February 2023 (red icon). At the time, the line coincided with the $0.285 horizontal resistance area (red icon). 

While the price fell afterward, it created a higher low and is in the process of making another breakout attempt. If successful, the ALGO coin price would be expected to at least reach the $0.285 resistance area and possibly go to $0.420. 

However, if ALGO gets rejected again, it could fall to its 2022 minimum price support area at an average price of $0.170.

ALGO/USDT Weekly Chart. Source: TradingView

Algorand (ALGO) Price Prediction for April – Price Rally is Just Beginning

The technical analysis from the daily time frame supports the continuation of the increase, providing a bullish Algorand price prediction for April. There are several reasons for this: 

Firstly, the price broke out from a descending resistance line, creating a higher low. 

Secondly, the daily RSI broke out from its bearish divergence trendline, validated it as support, and is now above 50. 

Finally, the preceding decrease resembles a completed A-B-C correction (black). Even though the price is still below the minor $0.238 support area, the overlap between the wave A low (red line) and the breakout suggests that the decrease was corrective. 

As a result, the ALGO price is expected to break out from the $0.238 resistance area. If this occurs, it will also cause a breakout from the long-term resistance line. As a result, it could lead to an ALGO price increase toward at least $0.285.

However, a decrease below the March 27 higher low of $0.195 (black line) would invalidate this bullish price forecast. In that case, ALGO could fall to the previously outlined $0.170 support area.

Algorand (ALGO) Price Range
ALGO/USDT Daily Chart. Source: TradingView

To conclude, the most likely Algorand price forecast is a breakout from the confluence of resistance levels at $0.238 and an increase toward $0.285.

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.



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