Algorand (ALGO) could rebound almost 25% after a period of price consolidation
Algorand (ALGO) seems ready for a bullish breakout. After dropping below the $1 mark, the coin has actually consolidated in recent days. It looks like it’s about to burst, especially now that we’ve seen market sentiment improve. Here are some highlights:
The $1 mark turned out to be a very strong air resistance zone for ALGO, but the token continuously tested it.
At the time of writing, ALGO was trading at $0.9793, up around 6% in the last 24 hours.
If indeed the coin is able to break above the $1 mark, then we could see a real 25% rally in the coming days.
Data source: Tradingview
Algorand (ALGO) – Price Analysis and Prediction
After falling below the psychologically crucial $1 point, ALGO actually consolidated well below it. The coin has retested the $1 threshold a few times but has yet to break free.
In fact, over the past 11 days, ALGO has largely lost $1, suggesting that the period of price consolidation is now over. As such, Algorand is ready for a rally.
If indeed we see an increase beyond $1, then expect ALGO to add at least 25% in value. But if the downside pressure pushes it below the $0.8 weekly resistance, further weakness could follow in the near term.
Why Algorand (ALGO) is a good buy
Algorand (ALGO) is called a standalone decentralized blockchain that offers an elaborate ecosystem for a wide variety of applications. The network has continued to register significant gains since its launch in 2019.
There are millions of transactions here, and more are expected to come in the future. When it comes to the best blockchains, Algorand is indeed in the top 10. It’s a worthwhile asset, especially for investing in long-term value.