ALGO Downtrend Pattern Weakens, Chart Indicates Massive Surge Ahead, Can ALGO Price Hit $7 This Cycle?

• Algorand (ALGO) chart movement draws crypto trader attention.
• The assets price chart prints a possible breakout for the price of ALGO.
• Analyst expects a massive upward movement soon.

Algorand (ALGO) is another popular altcoin that comes with a strong community and supports strong projects. Crypto analyst keep an eye out for parabolic movements in the crypto space and ALGO just may make a massive move very soon.

#ALGO Trendline Weakening, Expecting a Breakout 📈https://t.co/D6adSbHmXz

The trendline for ALGO is showing signs of weakening, indicating a potential breakout on the horizon. Keep an eye on market movements as we anticipate a bullish wave.#crypto #algo #ALGOUSDT #web3 #defi pic.twitter.com/juLCDLuI2q

— CryptoBreakout_trade (@breakout_expert) May 18, 2024

According to the chart above Algorand (ALGO) price has printed a very interesting pattern for its price. From what the trader and crypto analyst believes, the asset’s downward trendline has steadily weakened which means a potential breakout may be on the horizon.

If this downward trendline is broken through by ALGO traders then the potential breakout from the horizon could propel the price of ALGO towards a massive pump. The trader advises keeping a close eye on the asset or other market movements that could hasten the breakout for ALGO price.

While the community awaits a bullish wave for Algorand (ALGO), the asset continues its slow climb upwards. Presently, according to CoinMarketCap, the price of Algorand (ALGO) stands at $0.185. According to the analyst this parabolic leap could take ALGO price to a $0.28 trend top.

This is a ways away from its previously set all-time high (ATH) of $3.28. Currently, the total market cap for the asset is at $1,509,093,819 with a 24hr trading volume of $58,340,176. To note, ALGO has a total supply of 10,000,000,000.

The Algorand blockchain began its journey with the goal of being the greenest decentralized blockchain with a borderless, digital economy built on an open source carbon-negative network. So far, many projects have been built on the L1 network, but ALGO price is yet to reflect this success in the ongoing bull cycle.

Thus, as ALGO holders eagerly await ALGO’s steady rise up the charts, it is yet too early to see how high the price of ALGO will go. Will it beat its previous ATH? Will it hit $7 this cycle, or will it surprise us and go beyond? We will see how the price action will unravel.

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