Algorand (ALGO) Nears Last Stable Support, Eyeing Recovery to $1

  • ALGO’s latest crash has the alt testing the demand territory between $0.772 and $0.904.
  • A rebound from the support market can propel Algorand by 44% towards the hurdle at $1.159.
  • A 24-hour candle close under $0.772 will cancel ALGO’s bullish thesis.

Algorand has experienced corrections within the past five months. The downtrends saw ALGO dropping to the final stable support. Therefore, a rebound from the level might catalyze massive upside movements for Algorand.

ALGO Targets Recovery

Algorand’s price lost 44% within the past months and pierced the demand zone at $0.772 – $0.904 at this publication. This territory remains vital since it’s the final support mark that can absorb incoming selling strength.

With that, sidelined investors can step in to trigger an upside move. The resulting rebound might push the alt high by 44%, tagging the nearest resistance barrier around $1.15.

The GIOM model by IntoTheBlock supports the explosive move by ALGO price. The index indicates that nearly 403,580 addresses bought 901.4 million tokens at a $0.768 average price. That way, enthusiasts may expect a substantial bounce by ALGO around this area.

Also, the latest surge in new addresses to 316,780 from 9,140 within the past month solidifies the bullish narrative for ALGO price. The 3,365% urge shows market players interested in ALGO at its current levels and might invest.

Though on-chain data and technicals hint bullishness, a 24hr candle close beneath $0.772 will annul ALGO’s bullish thesis. That can see Algorand revising the daily support floor for around $0.675.

While publishing this article, ALGO traded at $0.8309, following overnight upswings. Meanwhile, the broad market displayed gains within the past day. The global cryptocurrency market cap hovered near $1.76 trillion at this publication. That comes as most assets recover from the latest market crash.

Broad market sentiment will likely detect Algorand’s upcoming price trends. Keeping the ongoing bullish trend will see ALGO extending upward moves to $1. Moreover, the altcoin enjoys stable support that can support substantial price recoveries. It might be fascinating to watch upcoming directional biases.