Our Algorand price prediction is suggesting very bullish targets as ALGOUSD seems to have bottomed out. Crypto markets have been in a significant downtrend since Bitcoin has begun its retracement from $69,000. Most cryptocurrencies are trading at a fraction of their all-time highs. Algorand crypto also dipped to the lows of 0.67 multiple times; however, it bounced off successfully. ALGO price is finally showing the signs of reversal as the bulls are gaining momentum.
Latest Algorand News
Algorand crypto has emerged as a major smart contract platform since last year. As per the latest Algorand news, Decentralized Finance is gaining traction on the network. According to DeFi Lama, $119 million is currently locked in the network. This capital is divided across different apps on the network, with 75% only locked in the Algofi protocol. It is a decentralized lending and stablecoin protocol built on Algorand. Before moving on to our Algorand price prediction, let’s have a look at the tech behind its blockchain.
Algorand coin has a novel pure proof of stake consensus mechanism that claims to solve the blockchain trilemma. The network aims to be secure, scalable, and fast all simultaneously. While it appears to be a very difficult task, it is still the major narrative driving Algorand price. Algorand DeFi also seems to be lagging behind other Layer 1 platforms. Many competitors of Algorand are already boasting billions of dollars in Total Value Locked. On the other hand, Algorand currently stands at 35th place with only $119 million. Ethereum is leading the L1 race with $126 billion TVL.
Algorand Price Prediction
Algorand coin price technical analysis shows that the bulls are gaining momentum for a major move. Price appears to have bottomed out and is signalling a bullish reversal. If Algorand breaks above 200 EMA then $1.84 seems to be a valid Algorand price prediction. At the time of writing, Algorand crypto price tests the downward trendline and tries to break out.
This level is in alignment with the 0.618 Fib retracement level that connects ATH to the lows of $0.67. However, any lower low than 0.67 could make things very ugly for ALGO crypto. Algorand price might dip to the $0.27 level in such a bearish scenario.