[ALGO rebounds above $0.1470 resistance, seeking higher levels in bullish reversal]
Algorand recently broke out of Tether’s long-term downtrend on the Binance platform, showing signs of a reversal. ALGO entered a short-term uptrend after breaking above the key resistance at 0.1470. Thereafter the price is expected to consolidate within the support range of 0.1056 to 0.1244 before rising higher again.
The chart since April shows ALGO moving lower along a downward trendline until it managed to break above it in early November and market sentiment began to change. ALGO pulled back after briefly testing resistance at 0.16, but the support zone from 0.12 to 0.14 shows buyer confidence, preventing further losses.
ALGO is expected to consolidate in this support zone, potentially leading to another breakout, with targets including resistance levels such as 0.19, 0.21, and 0.25. If the support zone holds steady, the price is expected to gradually rise, but if selling pressure occurs, the support zone may become a buying focus in the future. A green uptrend line has supported ALGO price since August, consistent with the long-term bullish trend and reinforcing the importance of this support zone.
