Algorand (ALGO) Forecasted To Record a 50% Breakout Rally

Algorand (ALGO), the blockchain network program known for its fast transaction rate and less energy consumption, has grabbed the attention of analysts. While Algorand has been trading in a tight range in the past month, it has surged 3.6% on the weekly chart to a peak of $0.199.

The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are showing a bullish trend. The RSI has climbed above the 50 level, which is likely to push the buying interest, and the MACD line has moved above the signal line, which is a bullish indicator of Algorand’s price. Analysts have forecasted a 50% surge in the next trading sessions.

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