- ALGO price readies for a massive upsurge after a bullish chart setup formation.
- The prevailing technical form shows Algorand might gain 38% with a break past a crucial resistance barrier.
Algorand (ALGO) pans a substantial raise after forming a bullish chart setup. Buyers need to slice past the governing technical pattern’s upper border, the alt’s crucial hurdle to catalyze a 38% surge.
ALGO Bulls Target $1.190 Next
Algorand price printed a declining wedge formation on its 12Hr chart, suggesting a potential comeback by bulls. However, the altcoin will encounter a critical challenge around the prevailing chart’s upper border at $0.890. An uptick past this resistance area can ignite the 38% uptrend, taking ALGO to $1.190.
ALGO price will encounter more hurdles near the 50 12Hr Simple Moving Average at $0.914, then around 38.2% FIB retracement zone near $0.932. Intensified buying momentum might push the alt to hit the 50% retracement zone at $1.007, the level intersecting with 100 12hr Simple Moving Average.
Algorand will meet an additional hurdle near the 61.8% FIB retracement level around $1.083before buyers try to hit the optimistic target of $1.190. Meanwhile, intensified selling pressure will see ALGO declining to the 23.6% FIB retracement mark at $0.838, matching the 21 12Hr Simple Moving Average.
An additional surge in sell orders could push ALGO lower to the 27 June lows of $0.752. Magnified bearish sentiment will witness the altcoin dropping towards the 21 July low near $0.681.
The crypto market saw impressive upswings on Tuesday amid Russia-Ukraine tensions. Top digital coins traded higher early today. Meanwhile, Terra gained 24%, taking Cardano’s 7th rank. Avalanche followed within its 19% upsurge. Bitcoin gained 15%, while Shiba Inu saw a 10% increase.
Meanwhile, the global crypto market capitalization hit $1.9 trillion today, following a 12% increase within the past 24 hours. Contrarily, total trading volume climbed to $109.19 billion after 34%. The crypto price surges emerged as western nations imposed stiff sanctions against Russia.
For now, ALGO bulls contemplate a 38% surge. However, it has to break past several hurdles for such a move.
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