Algorand Shows Breakout Potential As Price Eyes $0.29 With Strong Technical Momentum

ALGO trades near $0.24 with breakout potential toward $0.29. Technical signals show mixed trends but long-term support remains firm.

Algorand is drawing attention as traders point to a possible breakout toward the $0.29 level. Market analysts have started discussing the coin’s setup, with some emphasizing its growing momentum and technical positioning.

Analysts Note Key Levels on Algorand Chart

Ali Martinez, a market analyst, noted that Algorand has broken out of a triangle pattern, with price targets now directed at $0.29. This observation has encouraged discussions among traders who see the move as the beginning of stronger bullish pressure.

Another analyst, Ted, stressed that Algorand remains one of the most robust layer-one blockchains with high throughput and uptime. He added that ALGO must reclaim $0.26 to open the way for further gains. His remarks align with the view that reclaiming key resistance zones may support continued upside momentum.

Algorand Technical Indicators Present Mixed Outlook

At the time of reporting, Algorand trades around $0.24 after declining 3.82% in 24 hours. The token sits close to an important support area where multiple moving averages converge. Analysts view this zone as vital for short-term price stability.

The MACD histogram has shown early signs of a bullish divergence with a reading of 0.0025. This suggests that momentum could be forming beneath the surface even as intraday volatility persists. RSI levels stand at 49.14, signaling a neutral market condition. This keeps the door open for either upward or downward moves depending on market participation.

Source: TradingViewMoving averages point to a broader positive backdrop, as ALGO remains above its 200-day SMA at $0.22. This level is seen as a strong long-term support, providing a cushion against deeper corrections. Shorter-term averages such as the 7-day and 20-day remain aligned with the current trading price, indicating consolidation within a narrow range.

Algorand Price Targets and Market Outlook

Resistance at $0.26 remains a focal level for traders monitoring near-term movement. A sustained break above this zone could allow ALGO to approach $0.29, which aligns with chart-based projections shared by market commentators. If the breakout attempt fails, the token could revisit support near $0.22, which coincides with the lower Bollinger Band and SMA 200.

Subsequently, price action over the next week is expected to remain tight. Analysts forecast Algorand moving between $0.2686 and $0.2714 in the short term. However, if buyers fail to defend support around $0.24, pressure from sellers may intensify. Market signals remain mixed, with oscillators pointing in different directions, yet structural support and longer-term averages continue to favor the bullish case.

Swing traders are focusing on the risk-reward opportunity presented by entry near $0.24 with stops below $0.22. This setup offers exposure to upside potential while limiting downside risks. Day traders, on the other hand, are closely watching the $0.25 and $0.23 levels for signs of short-term momentum shifts.