Rally

bullish

Algorand

Dogecoin

<p>Some “old” cryptocurrencies are waking up this week. By old, we mean altcoins that were popular in the previous bull run (2019-2021).</p> 
<p>One of these awakening tokens is Algorand, with the ALGO price surging 20% today and 50% this week. It’s currently trading around $0.20. Prominent crypto analyst World Of Charts has <a href="https://x.com/WorldOfCharts1/status/1857643646499303871" target="_blank" rel="nofollow">updated his ALGO price outlook</a> via X.</p> 
<p><a href="https://captainaltcoin.com/how-high-can-ripple-xrp-price-rise-in-this-bull-rally/" target="_blank">Another one is XRP</a>, of course. But, let’s focus on Algo now.</p> 
<h3 class="wp-block-heading" id="algorand-algo-chart-analysis-and-recent-performance">Algorand (ALGO) Chart Analysis and Recent Performance</h3> 
<p>ALGO is currently testing a major descending trendline after breaking out from its initial resistance level around $0.125, which has already resulted in a 50% gain. This recent price action follows a successful breakout from a smaller descending trendline, which triggered the current rally.</p> 
<p>The price movement appears to be following<a href="https://chartschool.stockcharts.com/table-of-contents/chart-analysis/chart-patterns/falling-wedge" target="_blank" rel="nofollow"> a falling wedge pattern</a>, which is typically considered a bullish structure. This pattern, combined with the recent breakout, suggests potential for a second leg of upward movement if ALGO can successfully break through the current descending trendline resistance.</p> 
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 <img loading="lazy" decoding="async" width="1024" height="580" src="https://captainaltcoin.com/wp-content/uploads/2024/11/image-543-1024x580.png" alt="" class="wp-image-583399" srcset="https://captainaltcoin.com/wp-content/uploads/2024/11/image-543-1024x580.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-543-300x170.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-543-768x435.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-543-1536x870.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-543-2048x1160.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-543-265x150.png 265w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-543-100x57.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-543-618x350.png 618w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-543-788x446.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-543.png 1919w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>The analysis projects a potential 300% rally from current levels in the midterm, suggesting ALGO could reach approximately $0.80. The immediate resistance lies near the $0.22-$0.25 range, marked by the descending trendline. If broken, subsequent resistance levels could form at $0.40 and $0.60 before approaching the $0.80 target.</p> 
<p>Key support remains at the breakout region around $0.125, which could provide a safety net in case of any price retracements.</p> 
<p>Since breaking the initial descending trendline, the ALGO price has maintained strong momentum with its 50% increase. A successful breakthrough of the larger trendline could confirm a long-term reversal and potentially lead to sustained bullish activity. However, traders should monitor trading volume around this trendline, as increased volume would help confirm the strength of any potential breakout.</p> 
<p><em><strong>Read also: <a href="https://captainaltcoin.com/whales-accumulate-over-150-million-dogecoin-doge-despite-ongoing-price-decline/" target="_blank">Whales Accumulate 150M Dogecoin (DOGE) in 24 Hours Despite Ongoing Price Decline</a></strong></em></p> 
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<p>The post <a href="https://captainaltcoin.com/why-is-algorand-algo-price-up-analyst-predicts-a-300-rally/">Why Is Algorand (ALGO) Price Up? Analyst Predicts a 300% Rally</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Why Is Algorand (ALGO) Price Up? Analyst Predicts a 300% Rally

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