Recent price increase for Algorand (ALGO) has drawn attention from crypto investors as the token’s value surged from $0.18 to over $0.33. Currently, it hovers just below $0.30.
Short-Term Overview of ALGO Prices
On the 4-hour chart, ALGO recently broke out of a tight range just below the $0.30 level. After this breakout, it surged to around $0.335 before pulling back, coinciding with a key support zone marked by multiple Fibonacci levels (between $0.2849 and $0.2950), indicating the potential for the next upward move.
Long-Term Prospects on the ALGO Chart
The daily chart from Binance shows an even more promising overall trend. ALGO broke out of not just one, but two long-term descending trendlines, leading to an almost 80% surge in under two weeks. Analysts suggest a potential move towards $0.50 if the price holds above $0.2985.
Overall Trend and Market Sentiment
Sentiment in the market remains favorable for ALGO. However, for the price to reach $0.50, the altcoin market must remain bullish, and Bitcoin should not exhibit any unexpected corrections. Levels of support at $0.284 and $0.249 may strengthen the bullish trend for ALGO.
Currently, the market for Algorand appears promising, and future price movements will depend on trader actions and the overall crypto market situation.
