Algorand Crypto Hangs Near Multi-Day Low: Will ALGO Slump More?

The Algorand crypto attracted follow-through selling on Friday. It retreated further from weekly high value and recent supply zone at $0.20 level. By the time of writing, the crypto price had lowered by nearly 2.22% and was trading at $0.184. 

Moreover, the last couple of sessions experienced rejection on the lower side from the 20-Day EMA which acted as a dynamic support. The buyers attempted a recovery on Thursday which failed by the end of sessions and an indecisive candlestick was observed on the charts. 

The sellers resumed on the lower side on Friday. The sellers dominated the last couple of sessions. On the lower side, 20-Day EMA has been tested multiple times and has turned weaker. 

Fresh lows may be observed if ALGO crypto receives enough selling pressure to break below the 20-Day EMA. it may unlock the downside potential till the previous breakout zone of $0.17 level. 

Algorand Crypto Short term Outlook

Moreover, the recent selling pressure has invalidated the chances of breakout and termination of a short-term correction. The recent selloff has confirmed the presence of sellers at the recent supply zone. 

The buyers need to gain more volume to sustain near the higher levels and after which the price may register a breakout. Currently, the buyers have established themselves near the previous breakout zone and $0.17 from where the short term trend may again reverse its course towards the higher side.

Algorand Price Technical Analysis

From a technical perspective, Algorand price hovers above the 20 and 50-Day EMAs suggesting a positive outlook in the short term. Moreover, the long term trend rests on the positive side as the price reversed its course from the 200-Day EMA and maintained itself above the key EMA. 

Moreover, The MACD line and signal line both lie above the zero line indicating a positive sentiment in the short term. Also, both the lines are converging indicating a possible trend shift on the lower side in the short term. 

Algorand Price Prediction for February 2024

The Analysts have a wide range of price targets for February 2024. The most optimistic view of our analysts assumes a breakout above the $0.20 which may unlock the price potential to the higher supply levels of $0.21 and $0.23. 

Furthermore, the bearish outlook of our analysts hope for the price to drop near the previous breakout zone at $0.17 after the breakdown below the 20-Day EMA. 

Algorand Price Prediction for 2024

The price prediction for 2024 shows that the ALGO token may advance to a high of $0.298 by the end of 2024. The less optimistic analysts estimate a price target of $0.245 by the end of the year.

Algorand Price Prediction for 2025

Over the next two years, The ALGO price may reach $0.429 mark, suggesting an upside potential of 131.8% by 2025. The pessimistic view is that the price could reach $0.319 by the end of the financial year 2025.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.