Algorand price faces a wide area of resistance after surging to $1.70 level. At this point it needs to clear the zone that extends from $1.50 to $1.63 to have any chance of surging higher.
If buyers fail to step up we could see a downtrend to $1.25 level since we are running into some solid resistance level. There's been two solid rejections, but we are trying to take another jab at this level.
If we can keep above the $1.54 level which has been tough to do we might just have a chance to make new highs. A break below this level and fall under $1.50 has me less optimistic that this jab and res is going to do the job.
Bullish Levels
A break above $1.63 would setup for a retest of the recent swing high at $1.79 or the pivot point on February 12 at $1.84. If the bullish momentum persists beyond this point, ALGO could easily swing 23% to tag the 161.8% Fibonacci extension level at $2.21.
Bearish Levels
If buyers can't break through the supply zone of $1.50 to $1.63 sellers could trigger a 15% downtrend to $1.25 level. Watch $1.54/1.50 level foe an early trigger. The worst-case would be a full breakdown to another 15% sell off to $1.07...
