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Algorand Price Prediction: ALGO Inches Closer To 2020 Low

3D rendering algorand cryptocurrency coin on colorful background, cryptocurrency concept color art

Our previous Algorand price prediction is hanging by a thread as the price keeps making new lows weekly. Most cryptocurrencies are trading at their lowest levels in 2 years as Bitcoin price tagged $20,100 this week. ALGO crypto also dipped to the $0.28 level for the first time since December 2020. At the time of writing, Algorand price is trading at $0.309 i.e. 91% below its November 2021 highs of $3. 

The announcement of recent rate hikes from the FED has sent cryptocurrencies into a downward spiral. In fact, all speculative markets are facing an unprecedented sell-off as the FED is becoming more hawkish every month. 

According to Algorand news today, its biggest event, Decipher, will happen in Dubai. The event will take place from Nov 28 – 30 this year. This would be the second annual meet-up of Algorand creators and enthusiasts to discuss the future of the top smart contract platform. 

As per DeFi llama, Algorand TVL is currently down to $102 million from the May high of $185 million. This decrease in TVL is due to the low ALGO price and reduced on-chain activity. 

Algorand Price Prediction 

Technical Analysis of Algorand crypto price chart paints a very bearish picture. A retest of March 2020 lows of $0.22 has become quite likely in the current market scenario. There seems to be a huge demand zone in the $0.20 – $0.28 area, which might become the next accumulation zone. ALGO price needs to avoid a daily closure below 0.30 as it could trigger another downside move. 

Algorand price prediction might only flip bullish if the price reclaims the $0.68 level. This level has acted as strong support in the past and may now act as a resistance. The price is currently trading inside a descending channel, likely to break soon. In case of an upwards break, bulls can target $0.47 in the short term. This level perfectly aligns with the 0.382 Fib level connecting May high to the recent low.

ALGOUSD Price Chart
Algorand Price Chart (1D)