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- ALGO price is inches away from retracing into the 61.8% Fibonacci level.
- Algorand price is retesting a breached support zone.
- Invalidation of the bullish uptrend is a breach below the swing low at $0.54.
Algorand price is displaying bullish signals. Traders should keep an eye on the digital asset and find an entrypoint.
Algorand price is a buy
Algorand price is coming back to retrace a breached support zone after an impressive 40% rally that kickstarted the month of May. The $0.63 level could be a good entry point for swing traders looking to join the uptrend. Analyzing the current ALGO price action, the bears could likely get challenged around the $0.77 swing highs that occurred in April. The following targets would be $0.80 and $0.86 to complete the c wave of the expanding flat that could be forming.
Algorand price provides further bullish confluence as the support zone matches the 61.8% Fibonacci retracement level surrounding the initial 40% rally. If the technicals are correct, the bulls could be printing the final corrective low around $0.60.
ALGO/USDT 3-Hour Chart
Still, having an invalidation level is vital for knife-catching traders. Under no circumstances should the Algorand price breach the swing lows at around $0.54. If this bearish event happens, consider the entire uptrend scenario void. A $0.45 ALGO price could be the next bearish target resulting in a 30% decrease from the current ALGO price.