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Algorand price prediction shows that ALGO could be ready for the uptrend as trading approaches the $0.140 resistance today.
Algorand prediction statistics data:
- Current Algorand price: $0.136
- Algorand Market Cap – $1.18 Billion
- Algorand circulating supply – 8.22 billion
- Total Algorand supply: 10 billion
- Algorand Coinmarketcap Ranking – #58
When it comes to cryptocurrency investing, being an early adopter can often be the key to maximizing returns. Take Algorand (ALGO) for example. Since its all-time low of $0.08761 on September 11, 2023, the price has surged 55.34%. While still significantly below its all-time high of $3.28 on June 21, 2019, this rebound from its low points highlights the potential for recovery and growth in the volatile cryptocurrency market. Being aware of this price performance can help you make informed decisions about your investments.
ALGO/USD Market
Key levels:
Resistance Levels: $0.165, $0.170, $0.175
Support Levels: $0.105, $0.100, $0.095
According to the daily chart, ALGO/USD is exhibiting a bullish falling wedge pattern on the daily chart. Recently, the price has bounced significantly from its support level and is now attempting to break above a critical resistance at $0.138 as this breakout signals a potential move higher.
Algorand Price Prediction: Algorand (ALGO) Could See Further Upside
Algorand price is currently hovering above the 9-day and 21-day moving averages. However, the daily chart reveals that the price is surpassing the $0.135 resistance level to touch the daily high of $0.137, but a recent breakout suggests a bullish crossover above the upper boundary of the channel as the 9-day moving average moves above the 21-day moving average, indicating a likely continuation of the uptrend.
Nevertheless, Algorand’s technical setup shows a bullish bias. Therefore, if the price continues to hold above the key resistance levels, a further upward move towards the $0.140 resistance level is expected. However, additional resistance levels can also be found at $0.165, $0.170, and $0.175 respectively. On the other side, if Algorand price heads towards the lower boundary of the channel, a slide below the previous support at $0.127 could lead the coin to the critical support levels at $0.105, $0.100, and $0.095.
ALGO/BTC price is moving upwards
The daily chart shows that Algorand price is trying to break through the upper boundary of the channel against Bitcoin. As soon as the price stabilizes above this barrier, there is a possibility of further gains. Therefore, the next resistance level is near the 230 SAT level. If the price continues to rise, it could even rise above 260 SAT and above.
However, if the bears regroup and slide below the moving averages, the 190-SAT support could develop before rolling towards the critical support at 185-SAT and below. Meanwhile, the 9-day moving average is crossing the 21-day moving average, suggesting a bullish move.
Additionally, @cryptofrontio shared some information about $ALGO with his followers on X (formerly Twitter), suggesting that the worst may be behind us. He mentioned that he has invested heavily in the token, with his initial profit target set at $0.70, representing a potential gain of 650%. In an optimistic scenario, he predicts that the price could reach $5.60, which would represent a 42x increase.
$SOMETHING HOLDERS, THE WORST MAY BE OVER!!!
I personally loaded the truck and my first take profit is 70 cents (650% upside) and my best case scenario is $5.60 (42X upside) pic.twitter.com/rLyO2MKR93— CRYPTO FRONT (@cryptofrontio) August 20, 2024
Alternatives to Algorand
Algorand (ALGO) could restart a fresh rise above the $0.138 level if the market price breaks and stays above the upper boundary of the channel. Therefore, any additional positive breakout to the upside is needed for the coin to continue moving higher. Meanwhile, the Play Doge token is a promising play-to-earn (P2E) project that combines the nostalgic experience of the Tamagotchi virtual pet with cryptocurrency. Despite the current bear market, the project raised $6 million in its presale, indicating strong investor confidence.
This Meme Cryptocurrency Could Grow 100X In Days. Buy This Gem In Presale NOW
Investing in Play Doge before the presale ends on August 26th offers a chance to profit from a promising play-to-earn project that has already raised $6 million. With a solid roadmap, tokenomics strategy, and growing community support, the token is poised for significant growth once it launches on exchanges. Early investors could benefit from potential price increases as the project gains momentum.
Visit PlayDoge
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