The Algorand price has rallied 6% over the last 24 hours to trade at $0.1079 as of 5 a.m. EST and ALGO is also up 14% over the last seven days.
The proof-of-stake Layer 1 token remains bearish on the longer timeframes as it trades 39% lower than its price over the last six months and 40% lower than its January 1 opening. Algorand has, however, displayed a remarkable recovery over the 10 days, rising as much as 25% from $0.0872 to Monday’s intra-day high at $0.01083.
Data from CoinMarketCap shows that its trading volume has increased by over 70% over the last 24 hours to $42 million, making ALGO one of the top 100 most traded cryptos in the market today. With a market capitalization of $856 million, Algorand is ranked #50 on CoinMarketCap.
The technical setup shows that Algorand is primed for a massive move upward. This was reinforced by insights from Tom Crown, founder and CEO @CrownAnalysis, who posted the following chart on X saying Algorand was trading near a key resistance level and that breaking it “could become a bullish chart quickly.”
— Tom Crown (@TomCrownCrypto) October 29, 2023
Algorand Price Needs to Flip $0.11 – $0.12 Zone Back to Support
After turning away from the $0.106 level, the ALGO price dropped sharply, losing more than 18% of its value to set a swing low at $0.087. This was immediately followed by a rapid recovery that saw the Algorand price rise 25% to the current level.
This price action led to the appearance of a V-shaped recovery chart pattern on the daily chart (see below). This chart formation was confirmed earlier today during the Asian trading hours when the bulls pushed ALGO above the governing chart’s neckline at $0.106.
A daily candlestick close above this level will see ALGO rise to confront assistance from the supplier zone stretching from $0.11 to $0.12. The bulls were required to push the Algorand price above this hurdle to secure the uptrend.
Note that the last time the price was rejected from this level it tanked more than 31% before finding support from the $0.080 zone.
To avoid a similar scenario, ALGO must produce a decisive daily candlestick close above $0.12. If this happens the price will rise to collect the supply-side liquidity above the said level, first revisiting the $0.125 before reaching the target of the governing chart pattern at $0.126. This would represent a 16% uptick from the current levels.
ALGO/USD Daily Chart
This positive outlook was supported by the upward-facing moving averages, suggesting that there were more buyers than sellers in the market.
Algorand’s positive outlook was also supported by the upward movement of the Relative Strength Index (RSI). The price strength at 68 also reinforced the tight grip the buyers had on the price. Note that ALGO’s upward trajectory will gain momentum once the RSI crosses the 70 line into the overbought region.
Things could, however, go awry for the bulls if the ALGO price turns down from the current levels as the overhead from the aforementioned resistance zone intensifies. In such a case, Algorand may drop first toward the 100-day Exponential Moving Average (EMA) at $0.105 and later to the 50-day EMA lying at $0.096.
Losing this foothold could see the Algorand price drop toward the psychological level at $0.095 before revisiting the $0.087 swing low.
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