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.
