Cryptocurrency prices have bounced back in the past 24 hours. In this period, the Algorand price has jumped by more than 12%, becoming the best performing big-cap cryptocurrency. ALGO is trading at $1.885, which is about 20% above the lowest level this week. Still, the price is about 33% below the highest level this year.
Algorand is one of the fastest-growing Ethereum-killers in the world. In just a few months, its total market value has jumped to more than $12 billion. This growth is mostly because investors believe that the platform has what it takes to become a leading player in the Decentralized Finance (DeFi) industry.
The market has also been optimistic by the platform’s growth. For example, as you can see in this dashboard, the number of transactions in the network has been in a bullish trend. They are even hovering near their all-time high.
The number of active addresses in the network has risen to an all-time high of more than 15 million. Similarly, the number of ASAs has jumped to more than 4.6 million while the total value locked in the protocol has kept rising. This is a sign that the network is doing relatively well. So, without any further ado, let us look at the ALGO price prediction.
Algorand price prediction
In the daily chart, we see several things about Algorand price. First, we see that it formed a cup and handle pattern, whose upper part was at $1.8398. It moved above this cup part on September 8. Recently, however, the coin has moved sideways. The range has been between $1.5128 and $2.5416. The price is also capped at the 25-day moving average.
Therefore, there is a likelihood that the coin will be rangebound for now. A break above the resistance will confirm that bulls have prevailed, which will push the price to a new all-time high of about $3.
