- A crypto analyst forecasts Algorand’s surge to $7, citing a bullish Elliott Wave pattern on the weekly chart.
- Algorand saw a staggering 2,664% rise from $0.1020 to $2.8200, followed by a corrective phase to $0.0889.
- The analyst outlines ALGO’s potential five-wave structure, targeting prices like $3.13 and a new high of $7.5.
Renowned crypto market analyst EGRAG has ignited excitement within the Algorand (ALGO) community by unveiling a staggering prediction of a 5,543% surge in the token’s value, envisioning a climb to an ambitious $7 mark. This projection stems from EGRAG’s detailed analysis of ALGO’s weekly chart, where a bullish Elliott Wave pattern has emerged.
The journey of Algorand has been nothing short of remarkable. Having witnessed a monumental 2,664% increase from a low of $0.1020 to a peak of $2.8200 in November 2021, the token subsequently experienced a corrective phase, sliding to $0.0889. This rollercoaster trajectory has set the stage for what EGRAG believes could be an intriguing five-wave structure for ALGO’s future.
EGRAG’s forecast delves into the potential trajectory of ALGO’s price movement. The analyst delineates a pattern that could see Algorand rallying to $3.13 as part of the outlined five-wave sequence. This ascent would be followed by a corrective wave, driving ALGO momentarily down to $1.30 before embarking on a final bullish surge.
The pinnacle of EGRAG’s prediction stands at an astounding $7.5 valuation for Algorand. This ambitious target is envisaged to materialize upon the completion of the projected five-wave structure, signifying a potential new all-time high for the token.
Crucially, EGRAG’s confidence in ALGO’s prospective surge is underpinned by the token’s recent positioning concerning the 21-week exponential moving average (EMA). Notably, Algorand has managed to secure two consecutive weeks above this key indicator for the first time since November 2021.
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