Algorand Price Prediction: The Bullish Pennant Points to Potential Near-term Gains

The Algorand price prediction shows that the ALGO/USDT pair has the potential to register some near-term gains if the bulls push past the pennant’s upper border. 

The bullish pennant has been set up by the price surge of 8 September and the slight correction/consolidation which has occurred since then. Giving some fundamental support to this move is the partnership Algorand recently entered into with Alty, a social messaging wallet.

Alty enables Ethereum and Bitcoin transactions by automatically linking the individual’s digital wallets to a phone number. The Algorand integration enables chat-based transactions on a near fee-free basis. Algorand is up 0.85% on the day and looks set to close higher for the third straight day.

Algorand Price Prediction

The price is now consolidating into the pennant pattern on the daily chart. If the price breaks the upper border of this pennant, it allows for a continuation of the upside towards 1.9840. 2.1548 and 2.5007 are additional targets to the north as the price break from the pennant seeks to complete the measured move.

On the other hand, a decline below the 1.8089 support opens the door towards the 1.5148 price mark. A furtherance of this move also sets up a potential decline towards 1.2122 and 0.9181, price levels serving as additional targets to the south. This outlook negates the pattern and enhances the corrective move from the price swing of 20 July to 13 September.

ALGO/USDT: Daily Chart

Follow Eno on Twitter.