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Algorand (ALGO) joined the latest upside wave in the overall cryptocurrency market, surging 22% since mid-October. Meanwhile, the impressive bullish move saw the altcoin retesting a crucial resistance, putting ALGO in a break or make zone.
Algorand is ready to explore higher prices
ALGO price has climbed towards the obstacle at $0.110 following a 22% increase within two weeks. Notably, this obstacle acted as a support region from June before becoming a massive resistance following its breakdown in mid-August. Enthusiasts should watch the 3-day candle close as the altcoin explores this barrier.
A decisive closing beneath or above $0.110 will likely tell what to expect from Algorand’s price action. The 3-day RSI indicates a bullish momentum as it sways well beyond the 50-neutral region. However, as mentioned, the three-day candle close will tell whether the alt can extend the upswing.
Filling $0.110 into a foothold might set the stage for an impressive 22% upside breakout, taking ALGO to the $0.135 value area. Continued uptrends will allow the token to fly higher, and flipping $0.135 into support can lead to a $0.159 retest.
Overpowering the hurdle at $0.159 will open the path towards the $0.195 – the mid-level of $0.902 – $0.300 price range, formed between early February and early June 2023.
Meanwhile, enthusiasts should beware that Algorand’s upward outlook mimics broad market developments. The crypto market turned bullish amid the latest increase in exchange-traded fund optimism. A delayed or suspended ETF approval might catalyze panic selling, potentially ending the positive narrative.
Bearish actions that trigger a 24-hour candle close beneath the support at $0.0902 would see ALGO printing a lower low, canceling the uptrend narrative. That might see the token losing 10% to explore the 17 August low at $0.0818.
Following Bitcoin and overall market moves remain crucial to determining Algorand’s trajectory. Meanwhile, analysts predict more surges for BTC. The top crypto by value traded at around $34,265 at press time.
Four tests of resistance for #Bitcoin.
— Michaël van de Poppe (@CryptoMichNL) October 30, 2023
Another test, and I'm expecting we'll break out and take the liquidity above the highs.
Very reasonable we'll see $36.5-37K. pic.twitter.com/toYTmTx85F
Michael van de Poppe explains that Bitcoin has retested its resistance four times, and another test might yield a breakout that may take the leading crypto to the $36.5K – $37K value area. That will support uptrends in altcoins, including ALGO. Moreover, Algorand’s recent positive developments will support steady surges.
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