Algorand (ALGO) Price Outlook Updated as ALGO Breaks Out of Downtrend

Algorand's ALGO is a top performing crypto today. The ALGO price is up 19.3% today and over 40% in the last 7 days.

Algorand’s ALGO token is a top performer among crypto assets today, notching gains of 19.3% to the upside. Over the past 7 days, ALGO has surged by over 40%.

The recent price surge could be linked to the unfolding political landscape in the United States. Following Trump’s victory in the US elections, several popular US-based altcoins have begun to rebound sharply. Similar price recoveries have been observed with ADA, XRP, HBAR, and now ALGO.

World of Charts shared an updated outlook on Algorand’s price in a viral tweet this morning. The latest tweet from the handle broke down Algorand’s price movement, which has caught the attention of traders.

A closer look at the chart reveals an interesting narrative. Since 2021, ALGO has been locked in a downtrend, with the price consistently forming lower highs. However, something shifted recently, and the price broke through this long-standing descending trendline. For crypto traders, this is like a breakout from a prolonged, constricted corridor.

The price action is particularly compelling. ALGO was stuck around $0.20 for a period, using this level as a point of consolidation. Now, it’s pushing towards $0.65 - a price point that will pique the interest of traders who have been following this coin since 2021.

Prior to this rally, the coin was establishing a solid base between $0.10 and $0.15, setting the stage for a potential price breakout.

And breakout it did - to the tune of roughly 185%. Green candles indicate strong bullish momentum, and the move appears to be textbook. After breaking out, the price tested the previous resistance level as a new support before continuing its ascent. This type of price action excites traders, especially when it's backed by increasing trading volume.

The breakout occurred from what appears to be a converging wedge or channel - another technical pattern that suggests a potential trend reversal. It's the kind of chart setup that makes technical analysts sit up and take notice.

The smart money is likely remaining patient, watching for potential entry points or confirmation of the continuing uptrend.

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