Algorand (ALGO) Price Prediction 2023-24: Could ALGO Price Shoot to the North?

The Algorand price prediction may continue to show a bullish movement if the market can stabilize above the moving averages.

The Algorand price prediction may continue to show a bullish movement if the market can stabilize above the moving averages.

Algorand Prediction Statistics Data:

Timing is everything in crypto, and Algorand (ALGO) offers a fascinating case study. While it reached an all-time high of $3.28 on June 21, 2019, it has since declined by -90.57%, reflecting the market’s cyclical nature. However, its recovery from an all-time low of $0.08761 on September 11, 2023, with a surge of +253.1%, highlights its resilience and potential. Trading between $0.2834 and $0.3147 in the last 24 hours, ALGO’s price history underscores the importance of strategic timing and patience in the crypto space.

ALGO/USD Market

Key Levels:

Resistance levels: $0.380, $0.400, $0.420

Support levels: $0.200, $0.180, $0.160

On the daily chart, Algorand (ALGO/USD) maintains a bullish higher time frame structure despite recent short-term fluctuations. The price recently bounced approximately 19% from its local support zone around $0.250, signaling renewed buying interest. This rebound, coupled with increasing volume, highlights a potential shift in market sentiment. However, the pair continues to face critical resistance near $0.300, which has capped upward momentum in the short term. This level will be pivotal in determining whether ALGO can sustain its recovery or undergo another pullback.

Algorand Price Prediction: Algorand Price Could Shoot to the North

The daily chart also shows that the Algorand price is attempting to create a new positive trend, and traders may expect a bullish continuation if it crosses above the upper boundary of the channel which could test the resistance level of $0.320. Similarly, the technical indicator reveals that the 9-day MA is hovering above the 21-day MA, any bullish cross above the channel may locate the potential resistance levels at $0.380, $0.400, and $0.420 in the long term.

Moreover, if the Algorand price continues the rising channel pattern, traders may witness additional bullish trends in the coming trading sessions. Meanwhile, a bearish breakdown could play out for this market if the Algorand price withdraws and heads toward the lower boundary of the channel, and this could roll the coin back to the long-term supports at $0.200, $0.180, and $0.160.

ALGO/BTC Heads to the Upside

Against Bitcoin, the Algorand price follows the bullish movement as the coin moves to the upside. If the coin crosses above the upper boundary of the channel, the market is likely to keep releasing more bullish pressure as the 9-day moving average keeps hovering above the 21-day moving average, which indicates that more bullish signals are likely to play out.

In other words, if ALGO/BTC falls and slides toward the lower boundary of the channel, it may bring the coin to the nearest support at 280 SAT, and any further bearish movement could lower the price to the support level of 240 SAT and below. Nevertheless, if the coin continues to follow a bullish movement and crosses above the channel, traders could see a bull run to the resistance level of 400 SAT and above.

On that note, @SolbergInvest shared an analysis on X (formerly Twitter) highlighting $ALGO’s potential to rally towards $1.4, driven by Elliott Wave momentum. The cryptocurrency is aligning with historical resistance at $1.4, a level where it has previously peaked. Following the Elliott Wave theory, upward movements (Waves 1, 3, and 5) are complemented by corrective phases (Waves 2 and 4), suggesting $ALGO could reach $1.4 before encountering significant resistance or correction. Investors are advised to monitor closely for signs of a breakout or retracement as the rally unfolds.

🌟 $ALGO: Eyeing $1.4 with Elliot Wave Momentum! 🌟$ALGO is aligning with historical resistance levels and classic Elliot Wave movements. Could this be its next major rally?

📊 Chart Highlights:-Key Resistance: $1.4, a level where $ALGO has previously topped out.-Elliot Wave… pic.twitter.com/kV9meLgAjF

— Solberg Invest (@SolbergInvest) November 18, 2024

Alternatives to Algorand

The daily chart analysis reinforces the importance of the $0.310 resistance level in shaping ALGO/USD’s near-term