Algorand price (ALGO-USD) has gained 10% since my last week’s analysis. However, I still think the ALGO price has a lot of room to grow in the coming weeks. Most cryptocurrencies are trading sideways as Bitcoin bulls try to break above the $25,000 psychological level.
On Monday, crypto markets are expected to keep trading sideways due to the President Day holiday in the United States. Many altcoin traders are awaiting the next Bitcoin move before taking high-risk bets. Although the biggest cryptocurrency has already faced multiple rejections from $25,000 level, the bulls appear to be not giving up.
What Is Algorand?
Algorand (ALGO-USD) is one of the top layer-1 smart contract platforms with a proof-of-stake consensus mechanism. It was launched in 2019 and has gained a lot of traction since then. Algorand aims to be a highly scalable and high-speed blockchain with instant finality. ALGO is the native token of the blockchain that can be staked and used for transaction fees.
According to Algorand news today, the project is sponsoring the World Championship drone race at Loan Depot Park. According to reports, Algorand signed a $100 million deal with Drone Racing League in 2021.
In other news, top Algorand marketplace Rand Gallery has acquired the NFT Explorer App. The acquired app is the top NFT analytics platform on Algorand (Algo-USD) blockchain. My Algo Wallet and Pera Wallet are the top web3 wallets on the network.
Algorand Price Daily Chart
On daily chart, ALGO price is still battling the key level of $0.28. This level has become very critical since the price broke below it in November 2022. The presence of 200-day moving average in this region has made it even stronger resistance for Algorand (ALGO-USD).
This region has also acted as a range low during last year’s accumulation phase. Therefore a reclaim of this level is likely to unlock a massive upside. If ALGO closes a week above 0.28 then my Algorand price prediction of $0.45 can be validated very soon. However, the price also needs stability in Bitcoin price.