Algorand

The post <a href="https://coinpedia.org/price-analysis/algo-price-speeds-up-the-bull-run-hints-a-40-jump/" rel="noopener noreferrer nofollow">ALGO Price Speeds Up The Bull Run, Hints A 40% Jump!</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With an extraordinary recovery for Algorand, the altcoin continues to scale new heights as the year concludes on a bullish note for the entire crypto market. Despite the majority of 2023 being a pullback motion for Algorand, the ALGO price is finally bullish on the Year-to-date growth. With an 18% jump this year till date, the ongoing recovery reflects a strong comeback of investors in this project.&nbsp;
Further, the increasing momentum and the growing number of investors ready to buy Algorand’s native token at lower levels teases an uptrend. Therefore, the ongoing trend supports the bullish <a href="https://coinpedia.org/price-prediction/algorand-algo-price-prediction/" rel="noopener noreferrer nofollow">ALGO price prediction</a>.&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="485" src="https://image.coinpedia.org/wp-content/uploads/2023/12/12120234/ALGOUSD_2023-12-12_11-31-02-1024x485.png" alt="" class="wp-image-252857" srcset="https://image.coinpedia.org/wp-content/uploads/2023/12/12120234/ALGOUSD_2023-12-12_11-31-02-1024x485.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/12/12120234/ALGOUSD_2023-12-12_11-31-02-300x142.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/12/12120234/ALGOUSD_2023-12-12_11-31-02-768x364.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/12/12120234/ALGOUSD_2023-12-12_11-31-02-1536x728.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/12/12120234/ALGOUSD_2023-12-12_11-31-02-150x71.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/12/12120234/ALGOUSD_2023-12-12_11-31-02.png 1813w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Source- <a href="https://www.tradingview.com/x/GlPDnI3g/" rel="noopener noreferrer nofollow">TradingView</a>
Taking multiple support at the $0.0912 level, the buyers rejected the bearish dominance attempt at the $0.10 psychological mark. With a boost from the Uptober rally, the ALGO price breaks multiple barriers, signalling a strong comeback as the overall market jumps.&nbsp;
Igniting a trend reversal, the bullish confidence in Algorand investors is crossing new limits and recovering lost levels. Further, the reversal rally forms a rounding bottom pattern in the weekly chart as the ALGO price has shot 113% in the last eight weeks.&nbsp;
Currently, the ALGO price trades at $0.2047 with an intraday growth of 1.09% as the buyers attempt sustenance above $0.20. Considering the prices stabilize over the psychological mark of $0.20, the Algorand uptrend will likely complete the bullish trend continuation pattern, teasing a new breakout trend.
Technical indicators:
Bollinger Bands: The bullish continuation stretches the upper line of Bollinger bands, reflecting a bullish phase in motion as the contraction era ends.
MACD: The upward trajectory of the MACD and signal lines gains steam following the bullish crossover. Additionally, the positive histograms reappear with increasing strength. As a result, the momentum indicators are supporting the possibility of a breakout rally in Algorand.
<h2 class="wp-block-heading" id="h-will-algo-price-sustain-above-0-20">Will ALGO Price Sustain Above $0.20?</h2>
As the market remains overall bullish and anticipates a bullish trend continuation gaining momentum with the New Year, the altcoins prepare for a bull run. Similarly, the Algorand chart price trend displays a likelihood of ALGO price breaking out of the rounding bottom pattern.&nbsp;
Therefore, the bullish actions in play tease sustenance above $0.20. If the uptrend breaks above the $0.24 neckline, then the price could reach $0.2834. This would put the altcoin on track to potentially reach $0.40.
Conversely, a reversal from $0.20 can retest the $0.1717 mark.

ALGO Price Speeds Up The Bull Run, Hints A 40% Jump!

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