In a pivotal move, renowned crypto analyst Egrag Crypto has unveiled compelling insights regarding the trajectory of Algorand (ALGO), suggesting a promising surge in its value to $7. In a recent X post, an analyst forecast hinges on the observation that ALGO is currently shaping the second segment of a distinctive ‘W’ pattern, aligning seamlessly with previous Elliott Wave counts.
#Algo To $7!!!! 📈🚀
— EGRAG CRYPTO (@egragcrypto) November 24, 2023
If #Algo keeps shaping the second part of the 'W' pattern and aligns with the earlier #Elliottwave count, it suggests that #Algo's price action is concluding the larger correction phase in the ABC pattern.
Currently, #ALGO seems to be following a new Wave… https://t.co/9SmGeAfWxn pic.twitter.com/H9AZl4Zvqy
The analysis posits that Algo’s price action appears to be on the cusp of concluding a substantial correction phase within the broader ABC pattern. Notably, the latest data indicates ALGO’s adherence to a new Wave Count characterized by five distinct waves, a pivotal indicator highlighted in the accompanying chart presenting projected targets.
A significant milestone enhancing the positive sentiment surrounds ALGO’s recent performance, marked by the closure of two consecutive weekly candles above the 21 Exponential Moving Average (EMA). This achievement is a noteworthy bullish signal, notably not witnessed since November 2021, further reinforcing the analyst’s optimistic stance.
Egrag’s assessment underscores the potential for ALGO to hit the $7 mark, buoyed by the emerging technical patterns and the bullish momentum detected in the recent price movements. The meticulous analysis emphasizes the critical role played by the evolution of the ‘W’ pattern and its alignment with the Elliott Wave counts, indicating a strong possibility for a lucrative upturn in ALGO’s valuation.
ALGO is trading at $0.1311, marking a 0.28% rise within the last 24 hours and a decrease of 2.00% over the past 7 days. Investors and crypto enthusiasts closely monitor these technical indicators, considering the potential implications for ALGO’s future price trajectory. The predicted surge to $7 represents a pivotal milestone in the crypto’s performance. It could signify a turning point for investors eyeing significant gains.
As the cryptocurrency market continues to experience fluctuations and volatility, Egrag’s in-depth analysis offers valuable guidance to traders and investors. The analysis sheds light on the technical intricacies that influence the trajectory of ALGO, exploring its potential for significant growth in the near future.
