ALGO Price Exceeds $0.15, Teasing A Bull Run To $0.1717!

The altcoins market enters a high-speed recovery phase as Bitcoin surpasses the $40K mark, reflecting a greed-filled market. Capitalizing on the market boost, as the high demand enters Algorand’s dominion, ALGO price skyrockets to create multiple bullish candles. 

With a trend reversal evidently clear in the daily chart, the ALGO price sustains the bullish trend as it bounces from the 200D EMA. Further, the increasing trend in trading volumes supports the rise in Algorand’s price trend, adding credibility to the uptrend.

Forming four consecutive bullish candles, Algorand capitalizes on the market recovery and gives a range breakout. Rising more than 15% in the last four days, the bullish trend approaches the next resistance at $0.1717.

With the range breakout candle giving a solid closing, the high supply pressure ahead teases a retest to pushback. Further, the higher price rejection in the current daily candle teases a similar hypothesis. 

Currently, Algorand price trades at $0.1548 with an intraday growth of 2.31% following the 2.43% jump last night.  

With the high-speed recovery ready to extend the positive journey, the buyers are ready to prolong the $0.15 breakout rally. With higher high formations, the ALGO price shows the potential to cross $0.15. Therefore, the altcoin shows the potential to cross $0.1717 and attempt a bull run to $0.20. 

On the flip side, a reversal under $0.15 can retest the $0.1277 mark.

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