$ALGO

ALGO/USDT shows potential for a bullish breakout after the retracement phase. The support at $0.3099 USDT offers a strong buying opportunity, with targets at $0.4960 USDT and $0.8059 USDT. The price action around the key Fibonacci levels will determine the next direction.
📈LONG: $ALGO (1D)
#ALGOUSDT | #ALGO | #Algorand

Current Price $0.33
Market Cap $2.85B
Change 1h -3.45% | 24h +10.54%

Daily Indicators:
•  RSI: 43 - Neutral 🟠
•  MACD: 0.00 - Bullish 🟢
•  EMA: 0.37 - Trading Below 🔴

Analysis: 
ALGO/USDT is showing promising signs for a bullish breakout after its recent pullback. The retracement provides a potential buying opportunity around $0.3099 USDT. Keep an eye on key Fibonacci levels that might dictate upward momentum.

Price Targets: 
Look for ALGO to target $0.4960 USDT and $0.8059 USDT on the upside. These price points align with Fibonacci extensions, providing promising potential for gains if the trend continues upward.

Algorand's community: @Algorand Foundation #BTCNextMove #USUALBullRun

Date: Tue, Dec 17, 2024, 10:40 AM GMT
The cryptocurrency market is witnessing bullish rallies across the board, with Bitcoin (BTC) reaching a historic milestone, hitting its new all-time high of $107,000 today. Riding the bullish wave, Algorand (ALGO) has emerged as one of the standout altcoins, delivering an impressive rally of 118% over the last 30 days.
As of writing, ALGO is up over 4% today, trading at $0.425 with a market cap of $3.5 billion. The growing momentum and a significant chart formation signal a potential key breakout in the coming sessions.

Source: Coinmarketcap
Key Breakout Ahead:
After reaching a peak of $0.6144 on December 6, $ALGO entered a correction phase and consolidated within a Symmetrical Triangle—a pattern often signaling an imminent breakout.
Currently, ALGO has rebounded strongly from its lower support levels and is trading close to the descending resistance line of the triangle. The price is also near a key horizontal resistance zone at $0.44.

What’s Next If ALGO Breaks Out?
If ALGO makes a breakout from this descending resistance line and crosses above $0.44, it could confirm the breakout. This move would likely push ALGO towards its near resistance levels of:
$0.48 & $0.53 as the immediate resistance,
A decisive move above these levels would pave the way for ALGO to retest its recent high of $0.61, representing an additional upside of 44% from its current price.
Are More Gains Ahead?
The broader altcoin market, including notable players like XRP and XLM, is showing strong bounce-backs with key breakouts today. Earlier in last month, these tokens have moved in tandem with ALGO during bullish rallies. If ALGO follows suit and successfully breaks out from its current resistance zone, further gains could be on the horizon.
The technical setup, combined with rising market momentum and improving investor sentiment, positions Algorand as one of the top altcoins to watch for potential explosive growth in the short term.
Conclusion
Algorand’s price movement signals that it is on the cusp of a major breakout. Investors and traders will be closely watching the $0.44 level as a confirmation point for further bullish moves. If successful, ALGO could revisit its recent highs and extend its rally, offering strong returns.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
#Algorand #NFA

New Coinbase Tools
Coinbase International, a division of the American crypto exchange of the same name, intended for users outside the United States, announced in early December the listing of perpetual futures on four cryptocurrencies, one of which was Algorand. The new instruments became available for trading on December 12. It should be noted that derivatives turned out to be an important driving force behind Algorand's growth in November.

Algorand (ALGOUSD) posted last week its first red 1W candle after an impressive rally of 5 straight green weeks since the U.S. elections. This rally technically stopped on the 1W MA200 (orange trend-line), as although it crossed it, it failed to close the 1W candle above it, which resulted in last week's rejection and red candle.
The 1W RSI turned from extremely overbought (+85.00) to about turn just bullish below the 70.00 barrier. The last time we saw a similar price/ 1W RSI behavior was during the November 2020 - February 2021 rally. As you can see, both started on Bull Flag formations that initiated those impressive rallies that were supported by the 1W MA50 (blue trend-line).
When the February 08 2021 1W RSI hit 85.00 and got rejected, the price started a new Bull Flag pattern that by June 21 2021 hit the 1W MA50 and after forming a multi-week Support base, it rebounded again aggressively. The whole sequence from the November 2020 rally to the November 2021 Top was a +1200 rise.
We expect a similar development and as the dominant historic pattern of Algo seems to be a Channel Down, the next rally can complete a +1200% rally just below the pattern's top (Lower Highs trend-line) at $1.200.
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