Algorand (ALGO) Coin: Its Price Analysis and Prediction
2024-12-05
Bittime - Price Algorand (ALGO) decreased until it reached an all-time low of $0.08 in August 2023.
After that, the price started showing signs of recovery by creating a higher low in August of the following year.
The rise in prices accelerated in November and has become parabolic.
ALGO Experiences Price Surge
Weekly chart ALGO shows that prices have been increasing parabolically since the beginning of November.
To date, five consecutive bullish weekly candlesticks have been formed.
During this upward movement, ALGO managed to break a descending resistance line that had existed for over 900 days.
This is a strong signal that the correction phase is over.
If this uptrend continues, the nearest horizontal resistance is at $0.73.
This area is very crucial, and if ALGO manages to break it, the price could move towards a new all-time high.
Technical Indicators Support ALGO's Rise
Technical indicators also support ALGO's upward movement. The Relative Strength Index (RSI) is showing an increase above 70, while the Moving Average Convergence/Divergence (MACD) is in a positive position.
PA reading on the weekly chart shows that ALGO's long-term trend is bullish.
However, this parabolic rate of increase cannot be sustained in the long term.
ALGO price may experience a temporary pullback before resuming its increase.
Source: Valdrin Tahiri/TradingView
Will ALGO's Rise Continue?
Wave analysis on the weekly chart shows that ALGO is likely in the third of a five-wave upward movement.
The third wave has extended, and the sub-wave count shows a potential rise to $0.83.
If this happens, ALGO will break the long-term resistance at $0.73. Then, the fifth wave can take the price towards a new peak.
Read too 1 ALGO to IDR Converter
ALGO Price Movement
Although the long-term count suggests a bullish trend, the short-term count suggests that a pullback may be imminent before the rally resumes.
This is due to the completion of five upward waves for the third sub-wave, which means the upward movement may have ended.
Additionally, Algorand price is currently at the resistance line of the rising parallel channel, which has hosted the third wave.
The 12-hour RSI is also showing extreme overbought conditions.
Source: Valdrin Tahiri/TradingView
Possibility Price ALGO Pullback Before Rising Again
ALGO may begin a correction soon, with a potential drop to the 0.382-0.5 Fibonacci retracement support level in the $0.36-$0.42 range.
After that, the price may continue rising towards $0.85.
Source: Valdrin Tahiri/TradingView
Algorand price has initiated a bullish trend reversal by breaking a long-term descending resistance line.
FAQ
Algorand What Network?
Algorand is a blockchain network designed to support decentralized applications (DApps) and smart contracts with a focus on speed, security, and scalability.
Algorand uses a Proof-of-Stake (PoS) consensus mechanism to achieve fast and efficient consensus.
Who is the Founder of Algorand?
Algorand's founder is Silvio Micali, a professor at MIT and recipient of the Turing award.
Micali is known as one of the pioneers in the field of cryptography and has contributed significantly to the development of blockchain technology.
How to Buy Crypto on Bittime
Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.
Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.
Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.
Reference
Valdrin Tahiri, Algorand (ALGO) Price Surges 450% — Expect a Dip Before Another Rally, Accessed December 5, 2024
Author: IN
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
