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Algorand Price Analysis – How Bulls Can Make A 20% Bounce

 


Algorand (ALGO) has seen some downward pressure this week. As a result, the coin has fallen below a key support zone. But ALGO could still recover very quickly and deliver a crucial double-digit upleg. Here's what you need to know:


ALGO has dipped slightly below the crucial USD 0.687 support


However, the coin could rise above this price again in no time


Algorand will rally to $0.814 if this actually happens.


Algorand Price Prediction - Why Upside Remains

Breaking below crucial support zones is not a good thing for any coin. The fact that ALGO lost $0.687 could come as a big blow. However, we don't see it that way. In fact, the general consensus is that ALGO is likely to bounce back very quickly, regaining support in the process.


Once that happens, we will see the price action consolidate above USD 0.687 before ALGO surges towards USD 0.814. That will give bulls a bounce of around 20%. Also, other momentum indicators including the RSI are showing that the coin is currently bullish.


Despite this, ALGO recorded many false breakouts in April. For example, earlier in the month, the coin formed a significant reversal pattern at the bottom that promised massive gains. But ALGO couldn't really take off. Instead, the coin rose only slightly before falling back down. While a rise towards $0.814 could be seen as a bullish breakout, we do not expect it to last long.


Is Algorand a Good Buy Today?

Based on the underlying fundamentals, Algorand (ALGO) is undoubtedly a great crypto asset to buy. If you want to keep it for the long term, you can definitely buy it now.


In the near term, ALGO has some upside potential. The coin could gain around 20% in the coming week. But due to the increased volatility in the market, you should not hold your position for long.

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