Algorand  ALGO is one of the leading blockchain technology firms around the world. the latest partnership is Algorand’s first major collaboration with an Israeli company.

“We recognize Simetria’s leadership in the Israeli market and share an aligned vision of leveraging blockchain technology to expand opportunities and open new markets with blockchain-based solutions for private capital. 

Algorand price aims for a massive breakout

We are excited to welcome them to the Algorand ALGO community as they launch their robust product in Israel then internationally,” a spokesperson from Algorand mentioned within the official press release.

Algorand's price had a huge rally in February and another spike on April 17 to $1.8. However, the digital asset got rejected from a key resistance support line and is trying to hold above a big price.

On the 12-hour chart, the Algorand price has formed an ascending broadening wedge pattern level which will be drawn connecting the higher lows and higher highs with two trend lines that separate from each other.

There is a strong resistance area between the price of $1.27 to $1.33 where the 50 SMA and therefore the 100 SMA are currently located. A breakout level above this point should quickly drive the Algorand price toward a price of $1.5 initially and as high as $1.9 in the long run.

However, on the hourly chart, the Algorand price had a breakdown from an ascending wedge pattern which has a 10% price target down to $1.14. the sole price in-between is found at a price of $1.18.

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