The price of Algorand (ALGO) is showing signs of activity after a prolonged period of stagnation. Chart analysis and analyst opinions suggest possible scenarios for future price movement.
What the ALGO Chart Is Showing
The Algorand price chart indicates the formation of a rounded bottom, which typically signals a potential reversal. However, the current situation requires attention, as the price is facing pressure from both diagonal resistance and a horizontal supply level.
Why Resistance Matters Here
Analyst Sjuul from AltCryptoGems highlighted the importance of respecting resistance levels. Often, traders make premature purchases, leading to losses if the price fails to hold above the breakout zone. 'The ideal play,' according to Sjuul, is to wait for the breakout confirmation and retest the level for support.
Algorand Price Short-Term Outlook
If ALGO manages to clear the current resistance and confirm the breakout, a price target of $0.22–$0.25 looks feasible. Conversely, if it faces rejection once more, the token may retreat back towards support around $0.16–$0.17.
Exciting events are expected for Algorand's price in the upcoming days. Market conditions and trader behavior will be key factors determining the token's directional movement.
