Despite taking a rocky road in 2023, the ALGO price displays a pivotal moment of reversal that might revive the altcoin. Taking a bullish reversal from $0.088, the Algorand prices reclaim the psychological mark of $0.10 and tease a longer uptrend.
Moreover, the recent reversal ends the short-term steak of lower high formations and reflects a fresh increase in bullish momentum. Therefore, with such increasing demand, the ALGO price prediction teases a jump to $0.1327.
Prior to the recovery, the ALGO price displayed a lower high formation under the influence of the 50-day EMA, reflecting strong supply pressure. However, the strong support at the $0.088 mark helps the buyers find solid footing, leading to a reversal rally.
The high speed recovery rally aligns with the Uptober rally in the overall market, leading to the 50-day EMA breakout. Moreover, the Algorand prices also surpass an overhead declining trendline to reclaim the $0.10 mark.
Currently, the bullish reversal helps the ALGO price trade at $0.1063 with the recent overnight jump of 4.72%, forming a green engulfing candle. Moreover, the Algorand price action displays a rounding bottom reversal with a neckline at $0.1085.
MACD indicator: The MACD and signal lines continue to ride upwards with a similar trend in the bullish histograms. Therefore, the momentum indicator showcases a bullish trend in action.
EMA: The bullish breakout of the 50-day EMA results in a slow but positive turnaround in the average line. Therefore, as the uptrend approaches the 200-day EMA, the golden crossover possibility increases.
Will ALGO Price Give A New Breakout Rally?
Sustaining above the $0.088 mark reflects a short underlying demand for ALGO price as the market bounces back. Therefore, the possibility of an uptrend in the altcoin arises and may soon reclaim higher levels.
The ongoing rounding bottom pattern can be pivotal in Algorand’s trend reversal with the $0.1085 breakout. If the ALGO price regains its breakout momentum, it can reach the 200-day EMA at $0.1327. On the flip side, a reversal from $0.1085 can retest the 50-day EMA at $0.0987.