In this Algorand (ALGO) price forecast 2024, 2025-2030, we will analyze the price patterns of ALGO 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 managed participation by holding or staking ALGO. ALGO transactions are fast, efficient and cost-effective, addressing the blockchain trilemma of decentralization, security and scalability.
Algorand 24H Technical
Algorand (ALGO) Price Prediction 2024
Algorand (ALGO) is 54th on CoinMarketCap in terms of its market capitalization. The overview of the Algorand price forecast for 2024 is explained below with a daily time frame.
In the chart above, Algorand (ALGO) has outlined a Cup and Handle pattern. The Cup and Handle pattern emerges when a security’s price movement takes the shape of a “cup” followed by a downtrend pattern that forms the “handle.” This decline, or the handle, is considered a signal for a buying opportunity to take a long position.
Upon confirmation of a Cup and Hhndle formation, a significant short- to medium-term price increase will be expected. However, if the pattern fails, the expected 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, the price of ALGO may reach the resistance level of $0.23.28 and $0.6198. If the trend reverses, the price of ALGO may fall to the $0.1470 support.
Algorand (ALGO) Resistance and Support Levels
The chart below gives 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 graph above, we can make the following conclusions about 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 draw the following conclusions about the price momentum of Algorand (ALGO).
Comparison of ALGO with BTC, ETH
Now let’s compare the price movements of Algorand (ALGO) with those of (BTC), and (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 rises or falls, the price of ALGO also rises or falls respectively.
Algorand (ALGO) Price Forecast 2024, 2025 – 2030
With the help of the aforementioned technical analysis indicators and trend patterns, let’s forecast the price of Algorand (ALGO) between 2025, 2026, 2027, 2028, 2029 and 2030.
Closure
If Algorand (ALGO) establishes itself as a good investment in 2024, this year will be favorable for the cryptocurrency. Finally, the bullish Algorand (ALGO) price forecast for 2024 is $0.0.2548. In comparison, if unfavorable sentiment is triggered, the bearish Algorand (ALGO) price forecast for 2024 is $0.1200.
If the market momentum and investor sentiment rises positively, Algorand (ALGO) could reach $0.3. Furthermore, with future upgrades and advancements in the Algorand ecosystem, ALGO may surpass its current high (ATH) of $3.28 and mark its new ATH.
This content was originally published by our partners at The News Crypto.
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