Algorand Price Prediction: ALGO Crypto Lags In Market Recovery

Our Algorand price prediction suggests that a huge upside is on the cards if bulls bring their A-game to the table. Currently, the ALGO price is trading at $0.365 after gaining 0.11% since yesterday. While most cryptocurrencies are more than 50% up from their June lows, ALGO is only 32% up. You can buy Algorand by signing up on the top crypto exchange Binance.

Crypto markets are experiencing the first ever major relief rally since June 2022. This week’s bullish CPI print has further boosted investor confidence. Many analysts even think that the era of rate hikes might be coming to an end. Such speculation has driven the prices of digital assets to their 3 months high. However, Algorand price seems to be lagging in this recovery.

While ALGO crypto has underperformed its counterparts, the TVL on the network has hit its all-time high. The total locked value on the blockchain has increased by almost 140% within the last 40 days. Most of this TVL increase has come from the innovative money market protocol Folks Finance.

According to Algorand news today, QuantmRE has partnered with Texture Capital to launch a real estate marketplace on blockchain. Through this marketplace, investors would be able to trade tokenized interests in the equity in residential homes.

Algorand Price Prediction

Technical analysis of ALGO USD price chart depicts sideways movement after the falling wedge breakout. The price has failed to gain momentum despite the breakout due to a very low trading volume. If the price closes above the $0.37 resistance, it could surge to $0.42 very soon. The $0.42 price target comes into play due to the confluence of the June high and the $0.618 Fib level.

The $0.42 Algorand price prediction is only likely to be met if there is an increase in daily trading volume. In the event of a low volume breakout, the move might turn out to be a fakeout. Another factor to keep into account is the Bitcoin price action. The correlation between ALGO and BTC price charts is quite evident. Therefore, it might be helpful to pay close attention to the price action of the biggest cryptocurrency.

Algorand Daily Chart

Technical analysis of Algorand price chart (1D).
Algorand Price Chart (1D)