The post Algorand Price Breaks Trendline, Analysts Target $0.60 appeared on BitcoinEthereumNews.com.

Algorand (ALGO) price has entered a bullish phase, with analysts highlighting strong technical patterns that signal potential upward momentum. Recent insights from analysts VipRoseTr and Toni_Bitcoin point to a confirmed double bottom pattern and a possible W formation, suggesting ALGO may break key resistance levels. ALGO price increase to $0.4112 in the last 24 hours. Algorand Price Set for a Breakout? Analyst VipRoseTr has pointed out a double bottom pattern which is typically a bullish reversal pattern. Source: X The two bottoms formed around the $0.34 level show that there is strong buying pressure. So no further downward movement is expected. The breakout of the long-standing descending trendline has validated this pattern, pointing towards an upward move. The analyst has outlined three key resistance levels for ALGO, 0.4799, 0.5421 and 0.5946 respectively. – Advertisement – The initial support level is at $0.4799. It is a crucial level that needs to be held to confirm further upward movement. At the same time, $0.5421 corresponds to prior consolidation areas, and $0.5946 is a crucial level for ALGO’s rebound. The volume trend also points to this bull scenario. New buyers are coming into the market and pushing the price higher. Current support now stands at $0.40 while support at $0.34 where the double bottom was made remains key to the upside break. VipRoseTr projects ALGO to ascend to $0.5946, highlighting its bullish potential if the current trend persists. Analyst Toni_Bitcoin: W Pattern signals Bullish Reversal Another view is shared by analyst Toni_Bitcoin who pointed out a W pattern formation on Algorand price chart. ALGO trading chart|source X Like the double bottom, W pattern is another bullish reversal pattern that shows a change of trend from down trend to an up trend. Toni_Bitcoin has set a target of $0.60 should this pattern hold true…

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Filed under: News - @ January 5, 2025 6:55 am