ALGO Spikes 230%, Setting A New Yearly High

Can The Momentum Continue And Push ALGO To Double Its Price?

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Since reaching its peak of $2.99 in November 2021, the price of ALGO has fallen precipitously. The price of ALGO dropped 96% from its peak to a low of $0.094 in August 2024.

But ALGO has steadied itself and is currently constructing its fourth consecutive bullish weekly candlestick.

Interest in the token may increase as a result of the excitement surrounding the ALGO Foundation India summit next week.

The price of ALGO hit a new yearly high today after breaking out of a long-term horizontal resistance area. The price of ALGO may double once more because there won't be any more resistance for a while. Let's examine the price movement to determine the likelihood of this.

ALGO Annual High

Between August 2023 and 2024, the price of ALGO formed a long-term double-bottom pattern (white icons). The price has increased since the second bottom formed a lengthy lower wick.

In the last four weeks, ALGO has produced a series of bullish candlesticks, which has resulted in a new yearly high of $0.363 today, Nov. 29.


                                                                                                       Source: CoinMarketCap 

Algorand broke through the long-term resistance level at $0.280 this week, which had been there since December 2022. After containing the price action for more than a year, it has now reached the resistance trend line of an ascending parallel channel.

There won't be any more resistance until $0.750 if the ALGO price breaks out and closes above the channel, enabling a swift rise.

The breakout is supported by technical indicators. Both the Moving Average Convergence/Divergence (MACD) and the Relative Strength Index (RSI) produced bullish divergences (green) that are growing. The MACD is above zero, and the RSI is above fifty.

Consequently, the weekly time frame indicates that the price of ALGO will break out and arrive at the horizontal resistance area of $0.750.

Bullish ALGO Forecast

Algorand's price is predicted to be bullish based on the 3-day wave count. It indicates that following a five-wave upward movement (white), the ALGO price completed an A-B-C correction (black).

Then, in August, ALGO began a second five-wave increase, which is now in wave 3.

It's unclear whether the entire movement is a new five-wave upward movement or a big A-B-C structure. In both situations, though, the ALGO increase is probably going to continue. A new long-term five-wave increase (yellow) is more likely as a result of the price action.

A high of $0.55 results from giving wave three 1.61 times the length of wave one. The price of ALGO may then wave five more toward the long-term resistance of $0.750 and perhaps break above it following a brief correction.

ALGO Could Double

The ALGO price spiked rapidly in the past month. Because it broke out from the $0.280 horizontal resistance area, ALGO has cleared the main obstacle until $0.750.

As a result, the price hike is likely to continue its upward trajectory until the price reaches the target level. Short-term drops are possible to occur before the price reaches its target.

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