Algorand’s Elliott Wave chart shows Wave A may have topped. A B-wave pullback to $0.088-$0.106 could set up the next C-wave push higher.
Algorand is showing one of the cleaner setups across the altcoin space right now. That does not mean smooth sailing is ahead. According to MoreCryptoOnline on X, $ALGO appears to have completed Wave A of a counter-trend bounce from the March low. What follows could be a pullback before things get interesting again.
The analyst flagged a five-wave advance forming off that March bottom. Wave A, the analysis suggests, has formed its top.
The Dip Nobody Wants to Talk About
A B-wave correction is next in the read. MoreCryptoOnline on X put the support zone between $0.088 and $0.106. That is a meaningful drop from where ALGO trades now, and it is exactly the kind of move that shakes out impatient hands.
The 4H chart attached confirms this setup. Fibonacci retracement levels cluster tightly between $0.0878 and $0.1060, aligning with the 61.80% and 78.60% retracement bands. Those levels sit just below current price action. The orange support box on the chart marks that zone clearly.
After the B-wave flush, a C-wave higher could follow. That would carry price back toward the blue resistance cluster sitting between $0.1387 and $0.1716. The 100% to 161.80% extension targets sit there, with the higher end around $0.1716 acting as the ceiling before any larger move.
Still a Bear Market Bounce
Here is the catch. MoreCryptoOnline was clear on this: the entire move is likely counter-trend. The broader structure on ALGO remains bearish. Wave (B) on the bigger picture is what this sequence belongs to, not the start of a fresh bull leg.
That framing matters. A C-wave to the upside sounds exciting. But if the macro structure holds, any rally into the $0.14 to $0.17 range becomes distribution territory, not a breakout. The ALGO price surge that drove a 50% run in a single week earlier this month? That may well be the Wave A top the analyst is referencing.
A break above $0.248 would change the story entirely. That is the level MoreCryptoOnline flagged for the alternative bullish scenario. Below that, the base case stays bearish.
What Traders Are Watching
The B-wave range of $0.088 to $0.106 is now the key zone. If ALGO holds that band and bounces with structure, the C-wave setup activates. If it breaks below $0.0878, the whole count gets messier.
Right now, the chart does not demand immediate action. It demands patience. The setup is still forming, the B-wave has not started in full force, and the real entry window has not opened yet.
ALGO is not broken. But it is not free either.
Disclaimer: This article is based on technical analysis and X source commentary. It does not constitute financial or investment advice.
