Altcoin investors have not seen a general recovery after the recent BTC surge. However, there may be some exceptions. CYBER is trying to identify the next rally after making triple-digit gains. Which altcoin can experience an increase of nearly 200%? We can see the answer to this question in technical readings.
ALGO, the popular altcoin traded on many major crypto platforms including Binance, could be the next rally crypto. The price of Algorand (ALGO) has recently fallen from the horizontal support level of $0.11. It reached its all-time low price on August 17th. Readings from weekly and daily timeframes indicate a downward trend. However, a breakout from the long-term descending resistance line could trigger a significant price increase.
The weekly timeframe technical analysis shows that the ALGO price has fallen below a descending resistance line since November 2021, when it reached its all-time high price of $2.99. The line has been in place for 714 days so far. In April, the price continued its decline by getting rejected from this region. Now, breaking this critical level could pave the way for a nearly 200% increase.
Readings on the weekly chart do not clearly indicate whether the price will reclaim the $0.11 support area or make new lows. The technical analysis on the daily timeframe is similar to the weekly one. Although the bullish divergence in the RSI gives hope for breaking the resistance, the price has not yet initiated the expected move. In the short term, whether the $0.11 area will be surpassed or the loss of the $0.10 region will determine the direction of the next major move.
With a successful upward breakout, the ALGO Coin price can reach the $0.29 resistance with a strong rally. This would mean a 200% increase in price. On the other hand, in a negative scenario, we could see a 25% drop to $0.072.
In conclusion, the future ALGO price prediction will depend on the reaction of investors in the $0.11 region. The price of Bitcoin, successfully defending the critical region and staying above the 200-day moving average, looks promising for investors.