The Algorand price recovered from last week’s selloff and is back in ‘up only’ mode, which could signal a new record price in October. Over the previous five days, Algorand (ALGO) has staged an impressive recovery, jumping 30% to $2.08, bringing the September all-time high of $2.55 into focus.
After spending most of September struggling under a slew of negative headlines, cryptocurrencies roared back to life last week. Over the weekend, the crypto market surged above a $2 trillion market cap as Bitcoin (BTC) closed in on $50k.
After exploding to its highest ever price on the 13th of September, Algorand experienced heightened volatility, and by the 29th, it was trading 40% lower at $1.55. However, on Friday, the market roared higher when Fed Chair Jerome Powell declared he has no plans to ban cryptos. As a result, ALGO burst through trend resistance at $1.67 and cleared the path for a run at the ATH.
ALGO Price Forecast
The daily chart shows the Algorand price is well supported between $1.50-$1.55. Despite heavy selling in the second half of last month, dip buyers emerged scale down towards $1.50. Therefore, as long as the price holds above $1.50, the outlook is bullish. Furthermore, if ALGO closes above $2.00, the buying could intensify and bring the ATH into play sometime soon.
The bullish view is intact above $1.500. However, if the price loses the $1.50 support I would consider that a breakdown. In that event, the 100 DMA at $1.1948 and the 200-day at $1.1915 are logical targets for the bears.
Algorand Price Chart (Daily)
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