Algorand Price Prediction 2023: Will ALGO Coin Price Sky Rocket?

 

• As per Algorand Price Prediction (BITSTAMP: ALGO), the coin price decreased by 1.20% over the last 24 hours.
• The price of the Algorand coin is trading at $0.11328 and the 52-week price bound range is $0.09853 – $0.45282.

Algorand is a layer-one blockchain that uses pure proof-of-stake to achieve scalability, security, and decentralization. Its token, ALGO, is used to validate the network, pay for fees, and participate in governance. ALGO has a price of $0.84, a market cap of $2.6 billion, and a supply of 3.1 billion.

 

As per Coinglass, Algorand has $29.55 million Open Interest and recently showed a decline of -0.57% in the last 24 hours. The 24-hour long versus short ratio is 0.938. The total number of short positions added in the last 24 hours is surprisingly $0K against longs of $146.10K. Moreover, the average volume of the Algorand coin inclined by 1.97%, and the volume is at $64.07 million.

This month the coin underperformed as it was down by 16.82%. Also, Algorand’s price was down by 41.07% in the last six months which highlighted poor performance over a span of six months. Moreover, the Algorand coin price year-to-date return is also negative with a decrease of 34.10%.

Algorand Price Technical Analysis in 1-D Timeframe

As per the price prediction, Algorand is in a declination phase after the breakdown of very crucial support of $0.28. the price tried to bounce back but the support turned into resistance and the price faced rejection from the level. currently, the price is declining by forming a lower high and lower low and making an all-time low of $0.098 from the all-time low buyers tried to dominate but again the prices could not break the previous swing high, and again sellers started pushing the prices down. In the upcoming days, we might see more downward moves.

At the time of publishing, the ALGO coin price (BITSTAMP: ALGO) price is trading below the 20, 50, 100, and 200-day EMAs (exponential moving average), which is rejecting the price trend. Hence, the coin is expected to move downwards giving bearish views over the daily time frame chart.

The MACD line at 0.0039 and the signal line at 0.0035 is below the zero line and gave a bearish crossover, suggesting bearish signals. The current value of RSI is 36.47 points and the 14 SMA is below the median line at 45.05 points which indicates a downward direction and bearish sentiment in the market.

Extraction

The Algorand price prediction highlights the sentiments and perspectives of investors and traders regarding the Algorand coin price being bearish in the 1-D time frame. The Algorand price action reflects a pessimistic view at the time of publishing. Moreover, the technical parameters of the Algorand price suggest the continuation of the downtrend over the daily time frame chart. Major legitimate indicators MACD, RSI, and EMA, flaunt negative signals about the Algorand coin price.

Technical Levels:

• The nearest support: $0.238 and $0.298.
• The nearest resistance: $0.098 A-T-L.

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss