bullish

Algorand

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<p>Algorand looks ready for a big move. Crypto analyst Steph is Crypto recently highlighted a “W” breakout pattern on<a href="https://captainaltcoin.com/is-algorand-algo-price-about-to-explode-analysts-predict-major-upside-after-key-breakout/" target="_blank" rel="noopener noreferrer nofollow"> ALGO’s price</a> chart, suggesting a potential price surge to $1.26.&nbsp;</p>
<p>With token trading a little above $0.30, this analysis points to a significant bullish opportunity if key resistance is surpassed. The detailed chart pattern and technical setup underline the token’s potential for a 300% rally, making ALGO a topic of interest for traders and investors alike.</p>
<h2 class="wp-block-heading" id="the-double-bottom-pattern-on-algo-s-price-chart">The Double Bottom Pattern on ALGO’s Price Chart</h2>
<p>The chart shared by Steph is Crypto reveals a classic double bottom pattern, commonly referred to as a “W” formation. This technical setup often indicates a trend reversal from bearish to bullish. The two troughs in the $0.10 to $0.15 range suggest strong buyer support at these levels.</p>
<p>The horizontal neckline, positioned at approximately $0.30–$0.32, serves as a critical resistance point. Breaking through that resistance would confirm what the charts are showing us. All signs point to a strong upward move to $1.26 if this plays out.</p>
<figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="577" src="https://captainaltcoin.com/wp-content/uploads/2024/11/image-960-1024x577.png" alt="" class="wp-image-588840" srcset="https://captainaltcoin.com/wp-content/uploads/2024/11/image-960-1024x577.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-960-300x169.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-960-767x432.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-960-1536x865.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-960-2048x1154.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-960-266x150.png 266w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-960-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-960-621x350.png 621w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-960-788x443.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-960.png 680w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption"><strong><em>Image Source: <a href="https://x.com/Steph_iscrypto/status/1861432223964205326" target="_blank" rel="noopener noreferrer nofollow">X/StephisCrypto</a></em></strong>
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<h2 class="wp-block-heading" id="key-levels-to-watch-for-algo">Key Levels to Watch for ALGO</h2>
<p>Support levels for <a href="https://captainaltcoin.com/this-analyst-predicts-algorand-algo-price-is-poised-for-greater-heights-heres-why/" target="_blank" rel="noopener noreferrer nofollow">ALGO’s price</a> are between $0.10 and $0.15, with buyers stepping in to defend these zones. On the upside, the $0.30–$0.32 range has emerged as a key resistance. A daily close above $0.32, as emphasized by Steph is Crypto, would signal the breakout required to validate the bullish setup.</p>
<p>The projected target of $1.26 is derived by adding the height of the pattern ($0.22) to the neckline breakout point. This move would represent a 300% price increase from current levels, capturing the attention of market participants.</p>
<h2 class="wp-block-heading" id="potential-risks-and-factors-to-consider">Potential Risks and Factors to Consider</h2>
<p>While the setup appears bullish, certain risks remain. If <a href="https://coinmarketcap.com/currencies/algorand/" target="_blank" rel="noopener noreferrer nofollow">ALGO’s price</a> doesn’t break past $0.32, it could fall back to $0.15 support. The overall crypto market and economic trends will likely affect where ALGO goes next.</p>
<p>Keep an eye on trading volume – that’s what tells us if a price jump is real or not. Low volume means the price might have trouble staying up.</p>
<p><strong><em>Read Also: <a href="https://captainaltcoin.com/analysts-predict-solana-sol-price-surge-analysis-points-to-325-500-range/" target="_blank" rel="noopener noreferrer nofollow">Analysts Predict Solana (SOL) Price Surge: Analysis Points to $325-$500 Range</a></em></strong></p>
<p>Steph is Crypto’s tweet places the spotlight on $0.32 as the decisive level for ALGO’s next move. A confirmed breakout could lead to a sharp rally, offering significant upside potential for traders targeting the $1.26 level.</p>
<p>This analysis highlights the growing bullish momentum behind ALGO and positions it as a token to watch in the coming days.</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-algorand-algo-price-set-for-a-300-pump-key-breakout-level-revealed/" rel="noopener noreferrer nofollow">Why Is Algorand (ALGO) Price Set for a 300% Pump? Key Breakout Level Revealed!</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is Algorand (ALGO) Price Set for a 300% Pump? Key Breakout Level Revealed!

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