bullish

Algorand

<p>With a bullish recovery in the altcoin segment, Algorand is back on the list of top performers. Over the last 7 days, the ALGO price has increased by 60% and is inching closer to a $2 billion market cap. Furthermore, the 24-hour trading volume of Algorand has crossed above the $300 million mark, supporting the bull run.&nbsp;&nbsp;</p>   
<p>With a bullish recovery at play, will the Algorand price surge to $0.30? Let's find out in our latest ALGO price analysis.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-algo-price-analysis">ALGO Price Analysis</h2>   
<p>In the weekly chart, the ALGO price trend shows a massive bullish reversal, undermining the long-term bearish influence. The ALGO price has increased by 106% with three consecutive bullish candles in the last 16 days.&nbsp;</p>   
<figure class="wp-block-image size-large">
 <img src="https://image.coinpedia.org/wp-content/uploads/2024/11/20165938/hoEcNtYi-1024x509.webp" alt="ALGO price chart" class="wp-image-382429">
</figure>   
<p><a href="https://www.tradingview.com/x/hoEcNtYi/" target="_blank" rel="noreferrer noopener">TradingView</a></p>   
<p>The ALGO price has surpassed the 23.60% Fibonacci level at $0.1905. Starting the recovery from the $0.10 psychological mark, the altcoin is now trading at $0.225.&nbsp;</p>   
<p>With the resistance trendline breakout, the bull run in ALGO prices is now heading to challenge the 38.20% Fibonacci level at the $0.30 psychological mark. The trendline breakout rally is facing a bullish closure above the 100-week EMA.&nbsp;</p>   
<p><strong>Technical indicators:</strong></p>   
<p><strong>MACD</strong>: As the bullish trend gains momentum, the MACD and signal lines have diverged to regain the bullish alignment. Furthermore, the bullish histograms have resurfaced in the MACD indicator, signaling a surge of trend momentum.&nbsp;</p>   
<p><strong>EMA</strong>: The ALGO price has surpassed the 50-week EMA line and is now challenging the 100-week EMA. Meanwhile, the uptick in the 50-day EMA has increased the chances of a bullish crossover with the 100-week EMA if the uptrend continues.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-will-algo-price-recover-0-20">Will ALGO Price Recover $0.20?</h2>   
<p>As the broader market recovers, the uptrend in Algorand's price could reach the 61.80% Fibonacci level at $0.6733. This will increase the chances of the altcoin reclaiming the $1 psychological mark to reach 78.60% Fibonacci level at $1.17. Hence, with an upside of 411% in 2024, this is one of the best breakout tokens to buy in the market.&nbsp;</p>   
<p>However, the downside risk in the ALGO price is as significant as the returns. In case of a bearish pullback, the downfall could reach the $0.14 mark near the broken resistance line or take a quick plunge to the $0.10 psychological mark, negating the bullish improvement.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-faqs">FAQS</h2>   
<div class="schema-faq wp-block-yoast-faq-block">
 <div class="schema-faq-section" id="faq-question-1732102236937">
  <strong class="schema-faq-question"><strong>What is the current price trend for ALGO?</strong></strong> 
  <p class="schema-faq-answer">ALGO has surged by <strong>106% in 16 days</strong>, breaking key resistance levels and trading at <strong>$0.225</strong>.</p> 
 </div> 
 <div class="schema-faq-section" id="faq-question-1732102244083">
  <strong class="schema-faq-question"><strong>What are the immediate price targets for ALGO?</strong></strong> 
  <p class="schema-faq-answer">With bullish momentum, ALGO aims for the <strong>38.20% Fibonacci level at $0.30</strong>, potentially heading to <strong>$1 and beyond</strong> in 2024.</p> 
 </div> 
 <div class="schema-faq-section" id="faq-question-1732102244242">
  <strong class="schema-faq-question"><strong>What are the risks for ALGO in case of a bearish pullback?</strong></strong> 
  <p class="schema-faq-answer">A reversal could push ALGO back to <strong>$0.14</strong> or the <strong>$0.10 psychological mark</strong>, wiping out gains.</p> 
 </div> 
</div>

ALGO Price Surges 106%: Is $1 on the Horizon for 2024?

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