The Algorand price hovered over a launch pad, indicating a huge run-up. As ALGO rolls up, investors have one last chance to jump on the bandwagon before bulls propel this altcoin.
Algorand price awaits strong volatility
Algorand price is consolidating above the 0.73 to $0.77 support area. This zone has cushioned inbound selling pressure after ALGO dropped 18% between April 4 and 6, cauterizing the wound. In addition, this area also contains unexecuted buy orders before ALGO rose 35% between March 21 and 31.
Therefore, a return to this support level will trigger these orders, leading to a quick run-up. So, interested investors can choose to build Algorand at current price levels. A resurgence in bullish momentum will be key to triggering a massive run-up for ALGO.
The first hurdle that bulls will face is the $0.815. Flipping this level into a support barrier opens the way for Algorand price to revisit the $0.90 ceiling. Here the strength and convection of bulls are tested.
If buying pressure continues or increases, Algorand price can break through the block and make its way to its ultimate goal, which is a fair value gap (FVG). This price inefficiency extends from $1.1 to $1.25.
Therefore, a move to $1.10 is sufficient as market makers are likely to take over and propel Algorand’s price the rest of the way. Overall, the run-up would represent a 60% gain and it is likely that the upside will be capped.
While the technicalities of Algorand price are definitely bullish, the on-chain stats add a tailwind. The on-chain volume is representative of the activity on the blockchain and can therefore be used to determine the available capital in a particular ecosystem.
If this value is in a downtrend, it indicates that participants are not interested. However, if the price points to an uptrend with increasing volume, it suggests that a huge move is likely possible. Given the bullish bias from a technical standpoint, the current volume for ALGO has hovered around 254 million since March 29, indicating a breakout soon,
Regardless of the optimism surrounding ALGO, a sudden flash crash in the king’s crypto could ruin it. With that in mind, a daily candlestick that closes below the March 15 swing low at the USD 0.675 support level will invalidate the bullish thesis.
This post Algorand price offers an opportunity to profit from a close to 60% rally
was published first on https://ambcrypto.com/algorand-price-presents-an-opportunity-to-capitalize-on-a-near-60-rally/