Algorand Price Rebounds From Support: Can ALGO Sustain Momentum?

The Algorand price is trading in green for the second consecutive day after bottoming out near the 200-Day EMA. The crypto is trading higher for the last two sessions and recovering the weekly losses.

At the time of writing, ALGO crypto was up 2.19% intraday and is likely to gain more by the end of today’s session. The crypto has recovered almost 4% of the losses in the last two sessions. 

Earlier, the Algorand crypto dropped sharply after breaking below the 50-Day EMA and marked its presence near the 200-Day EMA. The buyers accumulated and surged the price higher which was again rejected by the sellers near the 50-Day EMA. 

The total market capitalization of ALGO is close to $1.37 Billion and stands 53rd out of all the cryptocurrencies. The daily volume received by the crypto is $31.60 Million which is 29.9% higher as compared to the previous day. Moreover, the current volume to market cap is 2.43%, suggesting low volatility in the crypto.

Algorand Crypto Price Technical Analysis 

Recently, the Algorand crypto performed well in the past three months except for the last couple of weeks. The crypto turned optimistic in November and maintained an upward trajectory till December end. In the said period, the crypto gained over 100%, rising from a low of $0.11 to a high of $0.25. 

However, the price dropped in January suggesting a bearish outlook in the short term. The price dropped from its peak value of $0.25 to a low of $0.14, eroding nearly 40% of its market value.   

Currently, the crypto seems to be bottoming out near the 200-Day EMA giving early signs of Bullishness. However, the 50-Day EMA turned out to be a supply zone.

Now, if the buyers surpass the 50-Day EMA on the upper side, which would be a bullish scenario for the crypto, the price may resume making higher highs and higher lows. 

On the other hand, if the sellers dominate near the 50-Day EMA and the price breaks below the 200-Day EMA, the lower levels at $0.14 and $0.13 might be tested in the upcoming sessions. 

Algorand Price Prediction February 2024

As per the most optimistic view of our analysts, the ALGO price could reach a high of $0.189 by February end. The less optimistic view of the analysts hopes for the price to break below the 200-Day EMA and test the lower support levels of $0.14 and $0.13.

Algorand Price Prediction 2024

The analysts have a wide range of price targets for 2024. The most optimistic view of analysts assumes the ALGO crypto could attain a high of $0.277, suggesting a potential gain of over 67.61%. The lower price target for the crypto as per the analysts is $0.224.

Algorand Price Prediction 2025

On the most bullish observation, Algorand crypto could attain a high of $0.418 before the end of 2025. On the flip side, the most pessimistic prediction of our analysts is the $0.297 mark.

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. 

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.