Algorand ALGO News: Potential Bullish Breakout Following Recent Rebound

[TRADE_PLUGIN]ALGOUSDT,ALGOUSDT[/TRADE_PLUGIN]

Download App for Android

Download App for iOS

Algorand (ALGO) is exhibiting signs of a possible bullish breakout after bouncing back from a recent correction. According to CoinMarketCap, the cryptocurrency has experienced a 14% price surge, accompanied by an increase in daily trading volume. This uptrend aligns with the prevailing bullish sentiment in the altcoin market. Over the past period, ALGO has been trading within a key range of $0.39 to $0.32. Repeated testing of both the upper and lower limits of this range suggests a tense balance between buyers and sellers. This price action pattern indicates that ALGO may be poised for a significant move. A confirmed breakout above the $0.39 resistance level could potentially trigger a rapid 60% price appreciation, targeting higher valuations in line with historical momentum reactions. Furthermore, daily active addresses are steadily rising again after remaining flat since July 2024, signaling renewed interest in the digital asset.