As investors hunt for signs of a crypto market turnaround, one standout contender emerges : Algorand (ALGO). Amid the market slump, this cryptocurrency is showing promising signs, prompting the question : could this be the start of a recovery ?
Algorand (ALGO) could be on the verge of repeating a bullish fractal pattern that, in 2024, preceded a surge of 333%. By analyzing the daily chart, current technical signals suggest a potential new rally for this cryptocurrency.
The scenario unfolds in several stages : After breaking a large descending wedge, ALGO broke through a second tighter wedge, then reclaimed its 50 and 200-day moving averages. A slight correction brought it back to test the 200-day moving average, a behavior already observed before the 2024 rally.
The key resistance to watch remains the 200-day moving average, currently around $0.2335. If this support holds firm and buyers take control, the bullish fractal could propel ALGO toward the ascending trendline, with a target near $1 representing a potential gain of +300%. But beware : a decline below the moving averages could invalidate this scenario and reopen the path to downward pressure.
Despite an environment that remains volatile, ALGO’s technical pattern inspires measured optimism. If the 200-day moving average continues to serve as solid support, conditions could be right for a spectacular recovery. Savvy investors would do well to keep a close eye on Algorand in the coming days.
How to buy Algorand (ALGO) on Bitget
If you missed the SEI rally, take advantage of ALGO’s potential rise now on Bitget :
Passionate about cryptocurrencies since 2019, I cover the latest news through clear and accessible articles. My goal is to make crypto understandable for everyone, with reliable and well-researched content.
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