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Algorand Price Prediction: ALGO Soars in a Bloodbath

Ferrum Network x Algorand

Our Algorand price prediction suggests that the price can pump another 20% if it closes a daily candle above $0.70. ALGO price has broken out of the downwards trendline proving its strength in the ongoing bloodbath. Most altcoins have broken their supports as the Bitcoin price has fallen below the $36k level.

There seems to be a significant increase in the trading volume of Algorand crypto. The coin is currently trading at $0.72, and it is more than 16% up from yesterday’s lows. While many short-term traders could be booking profits at the current level, ALGO may still have a further upside.

According to DeFi Llama, the TVL on the Algorand blockchain is also 11% up from yesterday. Currently, $181 million is locked across different protocols on the network. Algofi is the most prominent dapp on the network boasting a TVL of $111.5 million. Nevertheless, the Algorand TVL is still far behind other major blockchains. In terms of TVL, it stands at the 33rd rank.

ALGO crypto is the native asset of the Algorand blockchain. It is currently the 28th biggest cryptocurrency, with a market capitalization of $4.94 billion. The token can be staked and used for fees on the Algorand blockchain.

Algorand Price Prediction

Technical Analysis of ALGO USD price chart shows that the $0.68-$0.78 region is acting as a resistance. It seems to be a classic case of previous support acting as a resistance. This level has acted major support earlier as the price has bounced off this level many times. However, the price has broken this resistance once again and now trading at $0.72. A daily closure above $0.70 might trigger another bullish move.

 Algorand price prediction of $1.66 may become a reality if the price breaks above 200 EMA on the daily chart. It is also the 0.618 Fib retracement level that connects the November 2021 high of $2.33 to the April 2022 low of $0.54. This would also paint a higher high on the chart that might attract more investors. However, this prediction would only be valid if the price avoids any lower low than the April low of $0.54.

ALGO USD Daily Price Chart

Algorand Price Chart (1D)