Key Takeaways
- Algorand is set for its first positive monthly close of 2025 after a 22% price gain in April, despite a minor drop to $0.22.
- Although the RSI has dropped to 57.11, it remains above the neutral 50 line, suggesting continued bullish momentum.
- With Supertrend support at $0.22 and sentiment improving, ALGO could rally toward $0.30 or $0.42 in a bullish scenario.
Like several other altcoins, Algorand (ALGO) is set to end April with its first positive monthly close of 2025. This happened after Algorand’s price increased by 22% this month.
But in the last 24 hours, ALGO’s market value has dropped slightly to $0.22. While many other cryptos have done the same, ALGO’s situation seems different.
According to several indicators, this decline might not be one to last as bulls are yet to be entirely out of the picture.
Algorand Drops, but Rally Not Over
The daily chart shows that Algorand’s price experienced an earlier rally after breaking out of a falling wedge. As seen below, the coin has faced a severe drop during the year’s first quarter, hitting lower lows and lower highs.
But things changed in mid-April. During that period, ALGO surged above the upper trendline of the wedge, backed by bullish momentum, which was evident in the rise of the Relative Strength Index (RSI).
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However, as of this writing, the RSI reading has dropped to 57.11. Since it is not yet below the neutral line, the momentum around the cryptocurrency is still bullish.
However, demand for it is not as high as it was some days ago. Yet, the Money Flow Index (MFI) reading has jumped to 89.94, which indicates buying pressure.
Should this remain the same, Algorand’s price could be back in line to trade higher.
Beyond this technical outlook, comments on social media show that several market participants are bullish on ALGO. For instance, a user on X mentioned that the altcoin’s structure looks solid and could be in line to trade higher.
Another analyst, LordOfAlts, posted that the work done by the Algorand Foundation behind the scenes could drive ALGO’s price higher.
“In my opinion, AlgoFoundation is definitely one to watch. Major respect for their long-term vision! They’re building like crazy behind the scenes, no matter what the market’s doing. ALGO needs to go much higher,” He wrote .
ALGO Price Analysis: Eyes on $0.30
Per the short-term outlook, the ALGO/USD daily chart shows that the Supertrend has flashed a green line below the price. This indicates that ALGO’s price has held strong support around $0.22.
Since the red line of the Supertrend is no longer above the price, Algorand’s price can break through any major resistance ahead.
If this trend continues, Algorand’s price will likely climb to $0.30. It could rise above the 0.618 golden ratio in a highly bullish scenario.
If that is the case, the market value could rise to $0.42. On the other hand, if buying pressure around ALGO fades, this forecast might not pass.
In that case, the altcoin’s value might decline below $0.15.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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