Top analyst World of Charts revealed on X (formerly Twitter) that ALGO’s price broke out from a long-standing descending trendline and has already surged by over 80% after being bought near its recent lows. The tweet emphasizes that the breakout from the descending trendline could signal more upside potential, with the trader expecting a retest opportunity to add to positions.

The ALGO chart confirms this analysis, showing a clear upward trend following months of price rejection at the descending resistance line. This technical movement has shifted market sentiment, prompting optimism among traders.

Algorand (ALGO) Price Chart Analysis

The ALGO chart reveals a complete reversal from its bearish trajectory, which previously saw the token drop from a high near $3.00 to lows around $0.09. The breakout from the descending trendline has propelled the token to current levels near $0.21, marking an impressive 80% rally.

Key support zones are identified around $0.09 to $0.10, where the ALGO price consolidated before its breakout. Resistance levels are expected near $0.21 to $0.23, where historical consolidation has occurred. 

If ALGO continues its upward trajectory, analysts suggest $0.32 to $0.34 as the next significant target. The chart also features a falling wedge pattern—a classic bullish reversal signal—supporting further upward momentum.

Analysts Eye Retest Opportunities After Breakout

World of Charts highlighted plans to “catch more on the retest,” suggesting that ALGO might revisit its breakout level before continuing higher. This strategy aligns with typical breakout trading tactics, where previous resistance levels become support upon retests.

Volume analysis, although not explicitly visible in the chart, is assumed to have supported this sharp price movement, as such breakouts often attract significant buying pressure. The breakout also establishes higher highs and higher lows, affirming the bullish sentiment.

Read Also: Expert Warns of a Bitcoin (BTC) Price Correction – Here’s the Outlook

Where is Algorand Price Headed?

Looking ahead, two scenarios could play out. If ALGO’s price sustains above the breakout level and consolidates, further gains are likely. However, failure to hold these levels could lead to a retracement toward the $0.12 to $0.15 support zone. Traders will closely monitor the price action around the current resistance zone to determine the next potential move.

With a strong breakout and growing interest, ALGO’s price performance in the coming days could pave the way for larger moves in the market.

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