beincrypto.com
The Algorand (ALGO) price is close to breaking out from a confluence of resistance levels, which could catalyze a massive price increase.
The ALGO price has fallen under a descending resistance line since September 2021. The line has rejected the price numerous times, most recently in February 2023 (red icon). At the time, the line coincided with the $0.285 horizontal resistance area (red icon).
While the price fell afterward, it created a higher low and is in the process of making another breakout attempt. If successful, the ALGO coin price would be expected to at least reach the $0.285 resistance area and possibly go to $0.420.
However, if ALGO gets rejected again, it could fall to its 2022 minimum price support area at an average price of $0.170.
Algorand (ALGO) Price Prediction for April – Price Rally is Just Beginning
The technical analysis from the daily time frame supports the continuation of the increase, providing a bullish Algorand price prediction for April. There are several reasons for this:
Firstly, the price broke out from a descending resistance line, creating a higher low.
Secondly, the daily RSI broke out from its bearish divergence trendline, validated it as support, and is now above 50.
Finally, the preceding decrease resembles a completed A-B-C correction (black). Even though the price is still below the minor $0.238 support area, the overlap between the wave A low (red line) and the breakout suggests that the decrease was corrective.
As a result, the ALGO price is expected to break out from the $0.238 resistance area. If this occurs, it will also cause a breakout from the long-term resistance line. As a result, it could lead to an ALGO price increase toward at least $0.285.
However, a decrease below the March 27 higher low of $0.195 (black line) would invalidate this bullish price forecast. In that case, ALGO could fall to the previously outlined $0.170 support area.
To conclude, the most likely Algorand price forecast is a breakout from the confluence of resistance levels at $0.238 and an increase toward $0.285.