The last time we made a forecast for the ALGO cryptocurrency was back in February. By clicking on the picture you will see how well this scenario worked out.
After ALGO price failed to fix above $1.53. And after the third unsuccessful attempt to break this mark upwards, buyers gave up and gave the initiative to sellers. After a good growth wave, the ALGO price has stopped. The main question at the moment is whether ALGO cryptocurrency will start a global correction?
ALGO cryptocurrency should fix above $1.83-2.03
In recent days, ALGO cryptocurrency has captured abnormally high trading volumes on the chart. Importantly, these volumes were fixed at the broken values of all the 2021 highs – this is a strong bullish signal. If today or tomorrow the price does not fix below $1.84-1.95, then buyers will confirm their strength and serious intentions to continue growing. The growth itself in such a situation may continue to at least $3.50 for the white scenario.
And maybe some strong news served as such excitement around Algo and a surge in trading volumes ???
Because if it is a banal news pump, then the price of the Algorand token can go down even faster than it grew. Fixing the price below $1.84 will show the green light for sellers who, by activating market sales, can easily bring down the value of the ALGO cryptocurrency at least to $1.10. If you are interested in more actively engaging in crypto trading – join our trade marathon!
Two main scenarios of ALGO price movement
In general, we figured out many possible scenarios for the development of events, but the two most probable in our opinion were depicted on the chart – white and blue! Interestingly, the final target in both scenarios is around $8.60, although buyers and sellers have to overcome different routes and trials to achieve the target)