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Why did Algorand price soar over 20% today?

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Algorand price has confirmed a falling wedge pattern on the daily chart.

Algorand price shot up 21% on Friday, April 3, becoming the top gainer of the day, bucking the relative stillness of the broader crypto market that has gone cold amid the escalating war situation in the Middle East.

Summary

  • Algorand price jumped 21% to a nine-week high, becoming the top gainer as the broader crypto market remained subdued amid geopolitical tensions.
  • The rally was driven by a Google Quantum AI research mention, Revolut enabling ALGO staking, and dip-buying after a recent all-time low.
  • A confirmed falling wedge breakout and bullish indicators signal potential upside toward $0.139, with further gains possible if resistance is cleared.

According to data from crypto.news, Algorand (ALGO) price rallied to a 9-week high of $0.122 on Friday before settling at $0.121 at press time. Its gains pushed it to become the leading gainer among the top cryptocurrencies by market cap in both the daily and weekly timeframes.

There are three main reasons why Algorand price rallied today.

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First, Algorand was recently cited by Google Quantum AI in a research paper focused on threats faced by major blockchains from quantum computing. The paper made several mentions of Algorand for its post-quantum security and advanced Falcon signature technology, placing it ahead of other major players and trailing only behind Bitcoin and Ethereum.

This citation from one of the most prominent tech labs gave the project a big push to new investors while increasing hype for existing ones.

Second, Revolut has officially enabled staking for Algorand on its platform. This enables its customer base of over 70 million investors to stake ALGO directly from the app.

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The move has increased investor demand for the token as it triggered a jump in the total amount being staked on the platform, effectively removing those tokens from circulation and hence lowering potential selling pressure.

Third, Algorand’s rebound follows the token hitting an all-time low just five days ago. The token dropping to its floor likely made it very attractive for buyers who bought the dip following its high-profile citation.

On the daily chart, Algorand price has formed a multi-month falling wedge pattern. Following its recent rebound, it has broken out from the upper trendline of the pattern, thereby confirming a bullish reversal. When such patterns are confirmed, the asset often enters a period of sustained growth.

Algorand price has confirmed a falling wedge pattern on the daily chart.
Algorand price has confirmed a falling wedge pattern on the daily chart — April 3 | Source: crypto.news

At press time, a similar bullish outlook for ALGO was supported by technical indicators. Notably, the Supertrend has turned green, a notable sign of a trend shift. The Chaikin Money Flow index read 0.19, a strong positive reading hinting that buyers are in control.

For now, $0.139, which sits at the 23.6% Fibonacci retracement level, is the most immediate resistance level to keep an eye on for identifying more upside. A decisive break above that could potentially trigger a rally to $0.225, a target calculated by adding the height of the wedge to the point at which the breakout occurred.

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On the contrary, a drop below the $0.085 support level can invalidate this bullish setup.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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Crypto World

Cathie Wood Sees No More 85% Bitcoin Price Drawdowns Versus All-Time Highs

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Cathie Wood Sees No More 85% Bitcoin Price Drawdowns Versus All-Time Highs

Bitcoin (BTC) is “done” with drawdowns of 85% or more from all-time highs, says ARK Invest CEO, Cathie Wood.

Key points:

  • Bitcoin will not see another correction of 85% or more versus its latest all-time high, Cathie Wood argues.

  • A new prediction sees $34,000 becoming the next BTC price bottom.

  • Bitcoin bear-market seasonality hints that a reversal could come this month.

Wood on BTC price: No more 85% “collapses”

In an interview with CNBC’s Squawk Box segment on April 1, Wood stayed calm about double-digit BTC price losses.

“Believe it or not, in the Bitcoin community, down 50% — if that’s as far as it goes — they’ll consider that a real victory,” she said.

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“Because you’re right; the 85-95% collapses associated with a very new technology — that’s done. This is a proven technology, it’s a proven monetary system and it’s a new asset class.”

Wood, a longtime Bitcoin bull, was speaking as Bitcoin circled its old $69,000 all-time highs from 2021.

Those preceded a year-long bear market in which BTC/USD lost nearly 80% before bottoming at $15,600. That marked the latest such correction, with bear markets typically bringing losses around the 80% mark.

Data from onchain analytics platform Glassnode shows that the current bear market has yet to match historical patterns with maximum downside versus Bitcoin’s $126,200 record from October 2025 at 52%.

BTC price drawdowns from all-time highs. Source: Glassnode

Responding to Wood, analyst Tony Severino predicted that 2026 would bring a price bottom equal to a 72% drawdown.

“Correct, -72% max drawdown next =$34,000,” he wrote on X.

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That figure exceeds commonly held predictions by traders for where Bitcoin’s next generational floor will be. As Cointelegraph reported, consensus favors the area between $40,000 and $50,000.

This week, however, Bloomberg Intelligence analyst Mike McGlone warned that price may already be trending toward seven-year lows

Bitcoin historically rebounds in April

Continuing the bear-market comparison, data from network economist Timothy Peterson revealed that April could mark some form of inflection point for price.

Related: Bitcoin risks new lows as US dollar targets highest level since April 2025

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A chart uploaded to X this week shows April typically being a recovery month during bearish phases. 

Bitcoin bear-market price comparison. Source: Timothy Peterson/X

The March monthly close, meanwhile, ended a five-month losing streak for BTC/USD with modest gains of 1.8%.