Algorand (ALGO) may be preparing for a major price move, with technical analysis pointing to a potential surge toward the $0.50 mark.
Despite recent market pressure, the altcoin is showing signs of bullish momentum, sparking renewed interest among traders.
At the time of writing, ALGO is trading at $0.2515, down nearly 6% in the past 24 hours and over 8% on the week. However, short-term indicators reveal a slight uptick of 0.49% in the last hour, suggesting a possible reversal in sentiment. The token currently holds a market cap of approximately $2.18 billion, with $85 million in 24-hour trading volume.
According to crypto analyst Ali, Algorand appears to be forming a classic bull flag—a pattern that often precedes strong upward breakouts. In a post shared on social media, Ali noted that if the flag pattern plays out as expected, ALGO could rally toward $0.50, nearly doubling its current value.
The chart presented by Ali shows ALGO consolidating below a downward resistance line following a strong upward move earlier this month. If ALGO manages to break through the flag’s upper boundary, it could trigger a new wave of buying pressure.
While the broader crypto market remains volatile, Algorand’s technical setup may offer an early opportunity for bullish traders looking to capitalize on trend continuation patterns. However, confirmation of the breakout is essential before anticipating higher targets.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/market/algorand-price-eyes-breakout-as-bull-flag-pattern-emerges/