The post ALGO Price Surges 106%: Is $1 on the Horizon for 2024? appeared first on Coinpedia Fintech News
With a bullish recovery in the altcoin segment, Algorand is back on the list of top performers. Over the last 7 days, the ALGO price has increased by 60% and is inching closer to a $2 billion market cap. Furthermore, the 24-hour trading volume of Algorand has crossed above the $300 million mark, supporting the bull run.
With a bullish recovery at play, will the Algorand price surge to $0.30? Let’s find out in our latest ALGO price analysis.
ALGO Price Analysis
In the weekly chart, the ALGO price trend shows a massive bullish reversal, undermining the long-term bearish influence. The ALGO price has increased by 106% with three consecutive bullish candles in the last 16 days.
The ALGO price has surpassed the 23.60% Fibonacci level at $0.1905. Starting the recovery from the $0.10 psychological mark, the altcoin is now trading at $0.225.
With the resistance trendline breakout, the bull run in ALGO prices is now heading to challenge the 38.20% Fibonacci level at the $0.30 psychological mark. The trendline breakout rally is facing a bullish closure above the 100-week EMA.
Technical indicators:
MACD: As the bullish trend gains momentum, the MACD and signal lines have diverged to regain the bullish alignment. Furthermore, the bullish histograms have resurfaced in the MACD indicator, signaling a surge of trend momentum.
EMA: The ALGO price has surpassed the 50-week EMA line and is now challenging the 100-week EMA. Meanwhile, the uptick in the 50-day EMA has increased the chances of a bullish crossover with the 100-week EMA if the uptrend continues.
Will ALGO Price Recover $0.20?
As the broader market recovers, the uptrend in Algorand’s price could reach the 61.80% Fibonacci level at $0.6733. This will increase the chances of the altcoin reclaiming the $1 psychological mark to reach 78.60% Fibonacci level at $1.17. Hence, with an upside of 411% in 2024, this is one of the best breakout tokens to buy in the market.
However, the downside risk in the ALGO price is as significant as the returns. In case of a bearish pullback, the downfall could reach the $0.14 mark near the broken resistance line or take a quick plunge to the $0.10 psychological mark, negating the bullish improvement.
FAQS
ALGO has surged by 106% in 16 days, breaking key resistance levels and trading at $0.225.
With bullish momentum, ALGO aims for the 38.20% Fibonacci level at $0.30, potentially heading to $1 and beyond in 2024.
A reversal could push ALGO back to $0.14 or the $0.10 psychological mark, wiping out gains.
