фото показано с : captainaltcoin.com

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.

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).

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.

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 market's been really good, and the alts have been performing really nicely as well. $ALGO has shown very good movement in the last week and is currently going towards $0.5. It's just a matter of time if the market sentiment holds from here.#ALGO #Algorand #Altcoins #Crypto… pic.twitter.com/5Utd8M9Ejm

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.

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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The post Algorand (ALGO) Price Breaks Out – Is Market Momentum Strong Enough to Hit $0.50? appeared first on CaptainAltcoin.

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