Algorand (ALGO) has become one of the more resilient top coins in the market. Despite facing increased pressure, the coin has managed to hold a key support zone. It now looks like the price action has reached an important intersection that could trigger a 60% rally.
ALGO has found strong support at the $0.675 mark.
The coin has also reached an important intersection between liquidity and support.
This could trigger a massive bull run with gains of over 60% in the near term.
Data Source: Tradingview
Algorand (ALGO) – What to expect next
The key for ALGO right now is the $0.675 support. If the bulls hold that, then we could be looking at a very good run. At the moment, Algorand is trading at $0.693, relatively higher than the aforementioned support.
More importantly, below the $0.675 support zone is what we call sell-stop liquidity that was formed in the middle of 2021. That liquidity is going to become more decisive. If this happens, then it is likely that ALGO will swing above $1 or higher.
This will go a long way in recovering some of the losses the coin has reported over the last two months. After all, ALGO still remains 78% lower compared to the highs of November 2021.
But there is some downside risk as well. However, even if ALGO loses the $0.675 support, the 60% rally could still happen. The only way this uptrend could be invalidated is if the coin drops below $0.62.
What next for Algorand (ALGO)
The massive plunge we have seen in Algorand (ALGO) is not a surprise. Much of it has nothing to do with the fundamentals but more to do with broader pressures in the market.
As sentiment starts to turn around, ALGO will reclaim its glory days. The coin could in fact get to $5 by the end of 2022. It’s, therefore, something to watch for any investor.
The post Algorand (ALGO) could rally by nearly 60% appeared first on Coin Journal.
