Suffering from poor performance and high supply in 2023, the ALGO price finally shines brighter and ranks amongst the Top Gainer’s chart. With a bullish turnaround as Bitcoin trades close to $35K and a new altcoin season around the corner, Algorand finally takes a bullish route.
From a falling channel breakout to rising above the $0.10 mark, the Algorand price trend promises a bull run. Moreover, being the brainchild project of Silvio Micali, an Italian computer scientist and professor at MIT, the ALGO price prediction teases an optimistic revival.
As the altcoins started buzzing with the Bitcoin rally, riding on the BTC Spot ETF catalyst, the ALGO price rose like a phoenix. With a double bottom reversal to cross the overhead resistance trendline, the Algorand chart displays a falling channel breakout.
The uptrending altcoin retests the broken $0.10 mark for a successful reversal and continues to approach the 200-day EMA. Further, the bullish reversal accounts for a price jump of almost 35% in the last 20 days.
Currently, the ALGO coin price trades at $0.1205 after a sharp overnight jump of 5.47% to form a bullish engulfing candle.
Technical indicators:
MACD indicator: The bullish continuation in the MACD and signal lines are on a bullish route in the positive territory with a growing gap. Moreover, the rising trend in the bullish histograms reflects a high-speed momentum in action.
EMA: The rising 50-day EMA showcases a high likelihood of a golden crossover with the 200-day EMA. Moreover, the rising average line may soon act as a dynamic support for the altcoin.
Will ALGO Price Jump Higher Above The 200-day EMA?
Defending the psychological mark of $0.10, the ALGO price trend showcases a stronger comeback for the altcoin. Further, the breakout rally gaining momentum as the market recovers improves the possibility of a prolonged uptrend above the 200-day EMA.
In case the Algorand prices sustain above the 200-day EMA, the uptrend can reach the $0.15 mark. On the flip side, a reversal from the 200-day EMA can retest the $0.10 mark.
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