Algorand $ALGO has taken the cryptocurrency market by storm with an incredible 230% price surge, hitting a new yearly high of $0.3632 after a remarkable 25% rally in just one day. This dramatic recovery follows a long downturn from its all-time high of $2.99 in November 2021, culminating in a low of $0.094 in August 2024—a staggering 96% drop.
The turnaround is driven by technical momentum and heightened anticipation surrounding events like the ALGO Foundation India Summit.
ALGO’s breakout above the critical $0.280 resistance, which had capped its growth since December 2022, marks a pivotal moment. This milestone comes alongside four consecutive bullish weekly candlesticks, signaling growing market confidence. Adding to the bullish sentiment is a double-bottom pattern, a classic reversal indicator, formed between August 2023 and August 2024.
Key technical indicators reinforce this upward trend. The Relative Strength Index (RSI) has surged above 50, pointing to strong bullish momentum, while the Moving Average Convergence Divergence (MACD) has turned positive. Together, these metrics suggest ALGO’s rally may continue toward its next major resistance at $0.750.
Wave analysis further supports the bullish outlook. ALGO has entered a strong upward trajectory, completing an A-B-C correction and moving into the third wave of a five-wave bullish pattern. If this trend persists, ALGO could climb to $0.55 during wave three and target $0.750 in wave five.
With strong technical and fundamental drivers, Algorand is firmly back in the spotlight as a top contender for long-term growth.
