The Algorand price prediction is for sparse bullish momentum on the ALGO/USDT pair, even as cryptocurrencies struggle against headwinds generated by the recent announcement by the Peoples Bank of China (PBoC).
The PBoC had on Friday maintained in a new announcement on its website that cryptocurrency transactions remained illegal in the country. This latest move has forced several exchanges to close accounts belonging to Chinese citizens. The information reinforces the fear factor created in May by a similar statement made by the bank and the Chinese government. That declaration had prohibited companies, businesses and financial institutions from entertaining crypto-based transactions on their platforms.
Algorand is struggling to generate any upside momentum on a day that has seen very sparse volume on the pair. However, the ALGO/USDT pair has notched a marginal gain of 3.26% as of writing.
Algorand Price Prediction
The intraday violation of the 1.8089 resistance is ongoing. A break of this price level creates an opening for the bulls to aim for the 2.1548 resistance (19 September high), with 2.000 forming an intervening pitstop. The bulls must first form a higher high than the 23/24 September candles that form highs at the 2.000 psychological price level for this move to be actualized. 2.5007 forms the all-time high that must be surmounted before new record highs come into view.
On the other hand, a price decline could follow a failed break of the 1.8089 resistance. This track has to follow a pullback from this level, targeting 1.5148 initially. A continuation of the decline below this support allows 1.2122 to come into the picture, with 0.9181 forming an additional downside target.