The altcoin market fires up with new heat engines thanks to Bitcoin crossing the $40K mark after a long wait of 19 months. Sharing the bullish template of the overall market, ALGO price takes a similar approach with a breakout rally.
Increasing the trend momentum of its reversal rally, the rising demand for Algorand results in an 85% jump within 50 days. Further, the prolonged uptrend supports the optimistic ALGO price prediction.
Changing the overall tone of the Algorand technical chart, the ongoing recovery rally changes the setting from red to green. Following the bullish reversal from $0.088, the ALGO price shoots to outperform the market expectations and cross the $0.15 psychological mark.
Extending the Uptober rally till December, the bullish spirits are as high as ever for Algorand with the recent breakout. Given a consolidation breakout catalyzed by a rounding bottom break, Algorand skyrockets to make multiple consecutive bullish candles.
Currently, ALGO price trades at $0.1657 with an intraday growth of 0.91% following the 7.32% jump last night. Evidently, Algorand is on a positive track with high possibilities of breakout trends.
RSI indicator: The RSI line in the daily chart reflects an increase in the underlying demand and supports the continuation of the bullish trend.
MACD: The rising trend in the MACD and signal lines gains momentum post-bullish crossover. Further, the positive histograms resurface with increasing intensity. Therefore, the momentum indicators are supporting a breakout rally possibility in Algorand.
Will ALGO Price Cross $0.1717?
With the ongoing recovery in full swing, buyers are looking to push the ALGO price beyond $0.1717. If higher highs can be formed, the altcoin could reach $0.19. This would put the altcoin on track to reach $0.20 before the end of 2023.
Conversely, a reversal from $0.1717 can retest the $0.15 mark.