In this Algorand (ALGO) price prediction 2024, 2025-2030, we will analyze the price patterns of ALGO by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
Algorand (ALGO) Current Market Status
What is Algorand (ALGO)
Algorand (ALGO) is the native cryptocurrency of the Algorand ecosystem, a decentralized blockchain launched in 2019. It features the Algorand Virtual Machine (AVM) for smart contracts, operates on a pure proof of stake (PPoS) consensus mechanism, and offers users governance participation through holding or staking ALGO. ALGO transactions are fast, efficient, and cost-effective, addressing the blockchain trilemma of decentralization, security, and scalability.
Algorand 24H Technicals
Algorand (ALGO) Price Prediction 2024
Algorand (ALGO) ranks 54th on CoinMarketCap in terms of its market capitalization. The overview of the Algorand price prediction for 2024 is explained below with a daily time frame.
In the above chart, Algorand (ALGO) laid out a Cup and Handle pattern. The Cup and Handle pattern emerges when a security’s price movement takes on the shape of a “cup,” followed by a downward-trending pattern forming the “handle. This decline, or the handle, is considered a signal for a buying opportunity to adopt a long position.
Upon confirmation of a cup and Hhndle formation, a significant short-to-medium-term price surge would be expected. However, if the pattern fails, the anticipated bullish trend may not materialize.
At the time of analysis, the price of Algorand (ALGO) was recorded at $16.57. If the pattern trend continues, then the price of ALGO might reach the resistance level of $0.23.28 and $0.6198. If the trend reverses, then the price of ALGO may fall to the support of $0.1470.
Algorand (ALGO) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Algorand (ALGO) in 2024.
From the above chart, we can analyze and identify the following as resistance and support levels of Algorand (ALGO) for 2024.
Algorand (ALGO) Price Prediction 2024 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Algorand (ALGO) are shown in the chart below.
From the readings on the chart above, we can make the following inferences regarding the current Algorand (ALGO) market in 2024.
Algorand (ALGO) Price Prediction 2024 — ADX, RVI
In the chart below, we analyze the strength and volatility of Algorand (ALGO) using the following technical analysis indicators — Average Directional Index (ADX) and Relative Volatility Index (RVI).
From the readings on the chart above, we can make the following inferences regarding the price momentum of Algorand (ALGO).
Comparison of ALGO with BTC, ETH
Let us now compare the price movements of Algorand (ALGO) with that of Bitcoin (BTC), and Ethereum (ETH).
From the above chart, we can interpret that the price action of ALGO is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of ALGO also increases or decreases respectively.
Algorand (ALGO) Price Prediction 2024, 2025 – 2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Algorand (ALGO) between 2025, 2026, 2027, 2028, 2029, and 2030.
Conclusion
If Algorand (ALGO) establishes itself as a good investment in 2024, this year would be favorable to the cryptocurrency. In conclusion, the bullish Algorand (ALGO) price prediction for 2024 is $0.0.2548. Comparatively, if unfavorable sentiment is triggered, the bearish Algorand (ALGO) price prediction for 2024 is $0.1200.
If the market momentum and investors’ sentiment positively elevates, then Algorand (ALGO) might hit $0.3. Furthermore, with future upgrades and advancements in the Algorand ecosystem, ALGO might surpass its current all-time high (ATH) of $3.28 and mark its new ATH.
This content was originally published by our partners at The News Crypto.