ALGO Price Gains 2.3% as Analysts Predict Possible Breakout
Current ALGO Status
- ALGO trading at $0.384, up 2.3% in 24 hours.
- Formation of a symmetrical triangle may indicate an imminent breakout, with a potential 57% price swing.
Impact of Political Developments
- Former President Trump's executive order supports cryptocurrency advancement in the U.S., potentially benefiting Algorand.
- After Trump's re-election win in November 2024, Algorand's total value locked (TVL) increased by 200% to over $200 million, while ALGO price reached $0.51.
- Current TVL stands at $147 million.
Market Position and Technical Analysis
- ALGO market cap is $3.22 billion, ranking 44th among cryptocurrencies.
- Bollinger Bands indicate reduced volatility; support around $0.35 and resistance near $0.42.
- 14-day RSI at 48, indicating mild bearish momentum.
- Key resistance at $0.52; potential target at $0.64 if breached.
- Risks persist if support fails, with declines possible to $0.32.
