Algorand Price Prediction: ALGO Soars in a Bloodbath

Summary:

Our Algorand price prediction suggests that the price can pump another 20% if it closes a daily candle above $0.70.

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 33^rd 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.