Algorand (ALGO) This week has seen some bearish pressure. As a result, the coin has fallen below an important support area. But ALGO can still bounce back really fast and deliver a decisive double-digit growth. Here is what you need to know:
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ALGO $0.687 . has fallen slightly below the key support level of
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Although the coin can bounce above that price in no time
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If this indeed happens, Algorand will rally to $0.814.
Data Source: Tradingview
Algorand Price Prediction – Why Upward Potential Remains
Falling below important support areas is not a good thing for any coin. The fact that ALGO lost $0.687 could be a big blow. However, we don’t see it that way. In fact, the general consensus is that ALGO can bounce back much faster, gaining support in the process.
Once this happens, we will see that the price action will consolidate above $0.687 before ALGO moves towards $0.814. This will provide an increase of about 20% for the bulls. Furthermore, other momentum indicators including the RSI suggest that the coin is bullish right now.
Despite this, ALGO has received so many false breakouts in April. For example, at the beginning of the month, the coin formed a significant downward reversal pattern that promised massive gains. But ALGO failed to move forward and instead, the coin rose only marginally before falling back down. Although a rise to $0.814 could be seen as a bullish breakout, we do not expect it to last long.
is algorand a good buy today
Well, based on the underlying fundamentals, Algorand (ALGO) is undoubtedly a great crypto asset to buy. If you want it only for the long term, you are free to buy it now.
From a short-term perspective, ALGO has some upside potential. The coin could rise by around 20% in the coming week. But do not keep your position on hold for long due to high volatility in the market.