ALGORAND PRICE ANALYSIS & PREDICTION (November 30) – Algo Taps 18-Month High Following A Major Breakout, Up 30%

2024-12-1 20:13

After taking a short break, Algo resumed buying pressure this week and broke out of a major resistance level to a new high.

While it appeared highly bullish daily, we may see a small pullback before rallying hard.

This month saw Algo through its highest buying volatile period since it initiated a major correction in the first quarter of the year. It encountered resistance last week and took a little break after posting over 200% gain.

It advanced bullish this week and broke out to mark a new yearly high at $0.484 a few hours ago. That high was slightly rejected but the bulls are still showing signs of interest. If they push higher, we can expect more gains to surface. April’s 2022 low is the closest level to watch for tests.

Following yesterday’s breakout, Algo may pullback a little to retest the broken resistance before resuming bullish at full speed. A deep pullback may bring us back into the $0.20 range before finding a solid ground.

While the bulls are gaining control from a short-term perspective, they may face tougher hurdles until the price reaches its current all-time high. So far, it has increased by over 3x since the price bounced back from a low of $0.1 earlier this month. Bigger moves lie ahead.

Algo’s Key Level To Watch Source: Tradingview

Pushing above today’s high, the immediate resistance level to watch for a test is $0.537. The next resistance above this level is $0.7, followed by the key $1 level.

The $0.4 level has produced support for the market in the past hours. A fall below this level could trigger a pullback to the $0.33 support that broke as resistance yesterday. Another support level for drops is $0.25.

Key Resistance Levels: $0.537, $0.7, $1

Key Support Levels: $0.4, $0.33, $0.25

Spot Price: $0.456 Trend: Bullish Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: benedak/123RF // Image Effects by Colorcinch

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