ALGO Downtrend Pattern Weakens, Chart Indicates Massive Surge Ahead, Can ALGO Price Hit $7 This Cycle?

• Algorand ($ALGO) chart movement draws crypto trader attention.
• The assets price chart prints a possible breakout for the price of $ALGO.
• Analyst expects a massive upward movement soon.

Algorand ($ALGO) is another popular altcoin that comes with a strong community and supports strong projects. Crypto analyst keep an eye out for parabolic movements in the crypto space and $ALGO just may make a massive move very soon.

According to the chart above Algorand ($ALGO) price has printed a very interesting pattern for its price. From what the trader and crypto analyst believes, the asset’s downward trendline has steadily weakened which means a potential breakout may be on the horizon.

If this downward trendline is broken through by $ALGO traders then the potential breakout from the horizon could propel the price of $ALGO towards a massive pump. The trader advises keeping a close eye on the asset or other market movements that could hasten the breakout for $ALGO price.

While the community awaits a bullish wave for Algorand ($ALGO), the asset continues its slow climb upwards. Presently, according to CoinMarketCap, the price of Algorand ($ALGO) stands at $0.185. According to the analyst this parabolic leap could take $ALGO price to a $0.28 trend top.

This is a ways away from its previously set all-time high ($ATH) of $3.28. Currently, the total market cap for the asset is at $1,509,093,819 with a 24hr trading volume of $58,340,176. To note, $ALGO has a total supply of 10,000,000,000.

The Algorand blockchain began its journey with the goal of being the greenest decentralized blockchain with a borderless, digital economy built on an open source carbon-negative network. So far, many projects have been built on the L1 network, but $ALGO price is yet to reflect this success in the ongoing bull cycle.

Thus, as $ALGO holders eagerly await $ALGO’s steady rise up the charts, it is yet too early to see how high the price of $ALGO will go. Will it beat its previous $ATH? Will it hit $7 this cycle, or will it surprise us and go beyond? We will see how the price action will unravel.