Algorand is trading around 0.1329 on the 8H timeframe after a massive breakout from the demand zone near 0.0816, ripping through months of resistance and pushing to a fresh high near 0.1350.
The broader structure shows a long term descending trendline in place since June, with price grinding lower through a series of lower highs and finding repeated support near the 0.0816 horizontal level and an FVG demand zone that formed in early August. That base held through several tests, including a sharp wick down toward 0.0765, before price finally broke the descending trendline and reclaimed the 0.1020 horizontal resistance that had capped rallies since June. Since that breakout, ALGO has continued climbing with barely any hesitation, clearing the 0.1220 level and accelerating into the current move.
Price is currently trading at 0.1329 after tagging a fresh high near 0.1350, showing strong follow through with no signs of exhaustion yet in this breakout.
Key Levels To Watch:
→ 0.1350 Recent high, breakout extension top
→ 0.1329 Current price, continuing to press higher
→ 0.1220 Prior swing high, first support on a pullback
→ 0.1020 Breakout level, key horizontal flip zone
→ 0.0850 Range resistance, deeper support if pullback extends
→ 0.0816 Demand zone and FVG, trendline origin
Holding above 0.1020 keeps this breakout structure fully intact, and continuation above 0.1350 opens the door to further upside given the streng move off the descending trendline break.
A pullback toward 0.1020 would still keep the broader structure valid, with a break below that level calling the breakout into question and bringing the 0.0816 demand zone back into focus as the last major support.
Hold above 0.1020 and ALGO continues its aggressive breakout run. Lose it and this move stalls back toward the prior range.
Bias stays strongly bullish given the strength of this reversal off a multi month downtrend, though a cooling off period after such a sharp advance would be a healthy development.
