Our Algorand price prediction hugely depends on the price holding the key support of $0.68. Algorand was one of the few relatively older cryptocurrencies that couldn’t break their previous ATH in 2021. The network adoption and TVL stats of Algorand are still lagging behind other notable L1s. Algorand price is currently around 78% down from its June 2019 all-time high of $3.56.
Latest Algorand News
Algorand emerged as a smart contract platform claiming to solve the blockchain trilemma of decentralization, security, and scalability. The platform solves this by employing a novel Pure Proof of Stake consensus which is different from Proof of Work. Algorand crypto price is currently trading at $0.77.
Before moving on to our Algorand price prediction let’s have a look at its network stats. According to the latest Algoran news, currently, $88.7 million are locked on its blockchain. This figure is far below top L1 platforms like Avalanche, Solana, Fantom, Elrond, etc. Currently, TVL on several smart contract platforms is in billions of dollars but Algorand is still struggling to gain traction. As per DeFi Lama, Algofi is the Dapp with the most locked value, followed by Tinyman and Yieldly.
Algorand Price Prediction
ALGO is the native cryptocurrency of the Algorand blockchain. At the time of writing, Algorand price is trading at $0.77 which is still 78% below its all-time high of $3.56. Nevertheless, the ALGOUSD chart shows strong support at the $0.68 level. If Algorand price avoids a lower low and breaks out of the downtrend then it must reclaim $0.90 in the short-term. A break of $0.90 may push the price to the $1.10 region in no time which would be a critical level.
Any higher high in ALGO crypto price than $1.10 could be curtains for bears. In such a bullish scenario, Algorand price may retest 0.618-0.65 golden pocket of retracement from September highs to recent lows. This would mean an Algorand Price prediction of $1.90. However, any lower low than $0.67 could throw this prediction out of the window. This would intensify the bearish move by increasing sell pressure.