• Algorand [ALGO] has been in a narrow consolidation following its rebound from a 25% dip due to the SEC lawsuit against Binance.
• It is riding on the prevailing bullish sentiment, with new partnerships and liquidity injections.
• ALGO could target range extremes ($0.13 & $0.14) if Bitcoin’s consolidation persists, but a breach below the range will invalidate the neutral bias and further weaken the H4 structure.

Analysis of Algorand

Recent Uptrend

Algorand [ALGO] has been in an uptrend after bouncing back from a 25% drop due to the SEC lawsuit against Binance earlier this month. The token traded at $0.13 at press time, up about 25% after edging above $0.10 on 10 June as it rode on the prevailing bullish sentiment in the market.

New Partnerships and Liquidity Injections

The Algorand ecosystem bagged a new partnership from DFW Labs, with an initial purchase of $50 million ALGO tokens for liquidity injection into the market – boosting bulls’ chances of recovery from recent losses.

Range Formation

After climbing above $0.10 on 10 June, ALGO has been making new higher highs and lower lows – defining an uptrend that eventually faltered at $0.14, setting it up for a range formation within 61.8% ($0.13) – 78.6% ($0.14) Fib levels over four days of trading activity, taking cues from Bitcoin’s fluctuations below $31k during that period as well.

Rally or Plunge?

If Bitcoin’s consolidation persists, ALGO traders can target range extremes ($0.13 & 0$..14) for profits in the next few hours but should note that a breach below this range will invalidate its neutral bias and further weaken its H4 structure – flipping it to bearish instead with potential drops to 50% Fib level of $0..13 being possible outcomes for such scenarios later down the line if not checked timely by bulls leveraging current market momentum properly then..

Weekly Chart Projections
Galaxy Trading believes that ALGO’s weekly chart presents a massive accumulation opportunity based on retesting critical demand zones in early 2022 with targets set at $0..51 and potentially even higher than that at$ 0..73 if all goes successful according to plan