Algorand Price Eyes 35% Rally if ALGO Breaks Key Resistance

Algorand's (ALGO) price has been facing selling pressure despite showing signs of stabilization in a key support area. According to crypto analyst Chiefrat, ALGO needs to break above the resistance level of $0.1065 for a bullish trend to continue.

The analyst predicts that if ALGO breaks this resistance level, it could lead to a 35% rally, with the next significant resistance at $0.1450. However, further confirmation is needed before any upside movement can be expected.

Technically, Algorand's weekly chart shows a downtrend, but recent trading actions indicate the possibility of an emerging base formation near the support levels of $0.08-$0.09. The Moving Average Convergence Divergence (MACD) histogram has turned positive, while the MACD line is attempting a bullish crossover.

The Relative Strength Index (RSI) has recovered to 42.6 after previously entering oversold territory, suggesting bearish momentum may be weakening. However, the RSI remains below the neutral 50 level, indicating that bulls have not fully regained control of the market.