Algorand (ALGO) Ready to Overcome Consolidation, Targeting 25% Upsurge

– ALGO has consolidated beneath a local resistance zone near $1 for eleven days.
– A decisive close beyond this hurdle will likely support an upsurge to $1.16.
– A breakdown from the weekly support of $0.818 will nullify the optimistic case.

Algorand (ALGO) began coiling up beneath a significant resistance barrier following the January crash. With that, the altcoin sustained tight wounds, awaiting a breakout to catalyze a swift upward move soon.

ALGO Price Ready for a Move

ALGO saw its price hitting the local resistance of $1 three times within the last eleven days, confirming a challenging barrier to overcome. As the overall crypto industry displays bullishness, buyers have the chance to trigger upside movements.

A four-hour candle close beyond $1 will confirm a potential breakout. Market players may expect ALGO price to record a steady surge to $1.16, authorizing a 24% surge from the alt’s current price of $0.934. There’s a high possibility that the $1.16 mark will cap this upward move. However, flipping this mark into support will see Algorand extending its upsurges to retest 50-day SMA at $1.317. That would translate to a 40% total gain.

Contrarily, magnified bearish strength will lead to downswings for the altcoin. Meanwhile, a 4hr candle close under $0.818 will print a lower low. Such a development will suggest bearish preference, invalidating ALGO’s bullish narrative. That way, Algorand might witness an 18% plunge to revisit the support area of $0.675 and gather sell-side liquidity below the mark.

For now, Algorand readies to overpower consolidation trends, contemplating a 25% upward move. Remember, the coin had struggled with consolidation below the $1 resistance for eleven days. A significant action to overcome this level might launch an upswing to $1.16.

However, ALGO buyers should step up to maintain the token beyond the $0.818 weekly support. Losing the ground will mean bear dominance, ruining the optimistic narrative. Nevertheless, the broad market trends remain vital for ALGO’s incoming bias.

While publishing the content, the broad crypto space flashes bullishness. The global crypto market capitalization stood at $1.72 trillion, following a 1.38% increase within the past day. Maintaining such actions will support Algorand’s upside narrative.

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