- Algorand price has printed a double bottom on the daily chart.
- ALGO price has breached a daily trend line.
- Invalidation is a breach below $0.64.
Algorand price is adding more bullish confluence to last week’s trade setup. Still, the price could have a choppy flight towards $0.92.
ALGO price says, “expect turbulence.”
Algorand price could be prepping for a monstrous upswing back to $0.92. However, the road towards the target might not be so smooth. It was mentioned in last week’s bullish thesis that ALGO price could potentially see a rally into $0.92 in the near future based on bullish signals. This week the bulls have printed two consecutive bullish candlesticks, each communicating their desire to reach the $0.92 target.
Algorand price is currently consolidating at $0.75 today after breaching a daily trend line. On Monday, the bulls showed up to shock the crypto community entirely as the price dove below $0.70 on an intraday basis before rallying 7% to settle at $0.735. The bullish behavior has left a double bottom on the ALGO price chart, which traders should undoubtedly appreciate, but the choppy back and forth action might not be over.
ALGO/USDT 1-Day Chart
Algorand price looks like it wants to reach $0.92 but is losing steam on the volume profile. Secondly, some RSI divergence is coupled with a strong demand zone at the current $0.75 price level. Algorand price could potentially fall back towards $0.70 and even sweep the lows at $0.6739 before continuing higher.
The choppy nature should warrant traders to widen their stop losses and scalp the Algorand price with strong resistance at targets of $0.79 and $0.81. The invalidation of the bullish uptrend is a break below $0.64. If the ALGO price were to touch this level, the ALGO price could continue falling towards $0.54, resulting in up to a 25% dip from the current price.
