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Algorand (ALGO) Price Breaks Out – Is Market Momentum Strong Enough to Hit $0.50?

Algorand price has been gaining interest after making a strong move out of its months-long downtrend. The price jumped from around $0.18 to over $0.33 in less than two weeks. 

Now, it’s hovering just under $0.30 as traders wait to see if this rally has more room to run. Two well-followed crypto accounts, Crypto Chiefs and Next100XGEMS, have both pointed to bullish setups on the charts that could keep the momentum going.

ALGO Short-Term Chart Shows a Classic Breakout and Retest

On the 4-hour chart, shared by Crypto Chiefs, ALGO price recently broke out of a tight range that sat just below the $0.30 level. 

After that breakout, it surged to around $0.335 before pulling back. That pullback wasn’t random, it’s heading right into a key support zone marked by multiple Fibonacci levels (between $0.2849 and $0.2950).

Source: X/CryptoChiefs

This zone lines up with where the price broke out earlier, which could now act as a launchpad for the next move up. 

If buyers step in here, we could see a bounce that sends ALGO price back toward the $0.315 area and maybe even beyond. But if it falls below $0.284, the setup could fall apart.

Bigger Picture Still Looks Bullish on the ALGO Daily Chart

Looking at the daily chart from Binance, the overall trend looks even more promising. ALGO price broke out of not one, but two long-term descending trendlines. 

One stretched from February and another that lasted through June. That breakout kicked off a powerful rally, pushing the price up nearly 80% in under two weeks.

The price is now sitting around $0.299, and it tests the  $0.2985 breakout level. If it holds this zone or even pulls back slightly to the next support at $0.249, bulls may stay in control. 

That’s where Next100XGEMS jumps in, and said ALGO price could make a move toward $0.50 if the market keeps up this pace.

Sentiment and Momentum Are Still on ALGO Side

ALGO price looks strong, and the trend has flipped in favor of the bulls. But for that $0.50 to take effect, the altcoin market needs to stay bullish, and Bitcoin should not have any surprise corrections.

As long as ALGO stays above levels like $0.284 or $0.249, the bull trend can be maintained. Traders are closely watching for signs of a rebound or further pullback

The next few candles may reveal whether this is just a pause or the start of ALGO’s next leg higher.

Read Also: Time to Sell Algorand (ALGO)? Key Indicator Flashes Warning Signal

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