Algorand Price Prediction: Will ALGO price test $0.3000 again?

• Algorand Price prediction favors the bulls and suggests a rise in the long term.
• Algorand Price climb above 50 day EMA showcase short term trend is reversing upward. 
• Algo Price consolidates in a narrow range for the base formation.

Algorand Price prediction is bullish for the long term till it sustains above the $0.1800 support level. Algorand price recovered 30% approx from the recent swing low and managed to climb above the 50 day EMA. It shows that the short term trend is reversing in the upward direction and buyers seem to be returning back to the track. 

ALGO price is still below the 200 day EMA which might act as a strong hurdle in the coming months. Algo price had tried multiple times to break the $0.2400 level but got rejected indicating bears active in the supply zone. Therefore, it will be difficult for the bulls to expand upwards. 

Algorand Price is trading at $0.2305 with an intraday decline of -0.39% and 24 hour volume to market cap ratio is at 0.0396. The pair of ALGO/BTC is trading at 0.00000762 with an intraday decline of -0.52%. At the month of February, Algorand Price displayed a double top bearish pattern and got rejection from $0.3000 level. Later, Prices began to decline by forming lower lows and it broke the neckline of the double top pattern which invited further decline.

Will Algorand Price see upward range expansion?

Algorand Price corrected 40% from swing high at $0.3000 and lost majority of its previous gains. At the mid of March, Algo Price downfall halted at $0.1800 and closed the session by forming a Doji candle. 

Algorand crypto got a positive response from the buyers and prices took a U-turn from the demand zone. However, the prices lacked momentum near the 50 day EMA and got stuck into the narrow range of consolidation. Meanwhile, the increase in buying volume is visible which indicates buyers are more active as compared to sellers. The technical analysis suggests, Algorand price is consolidating for the base formation and probability of the upward range expansion is high. 

When does ALGO price gain momentum?

ALGO Price is up by 6.70% approx on a weekly timeframe and succeeds to break the previous week high at $0.2240. However, the Algorand price will gain momentum when buyers succeed to break the $0.2400 hurdle. On the other hand, if the Algo price drops below the $0.1800 support then bears may try to drag it down toward the yearly lows. 

The technical indicators like MACD had generated a positive crossover indicating bullishness to continue for some more time. The RSI at 56 pointing north denotes prices are rising upward from the neutral territory. 

Conclusion

Algorand Price Prediction suggests a rise in the long term till prices sustain above the $0.1800 support. ALGO price formed a strong base at $0.2000 and buyers seem to be more active compared to sellers. 

The technical analysis suggests, Algorand price is in bulls grip and it is consolidating for long term base formation. Therefore, if the ALGO price breaks the $0.2400 hurdle then probability of the testing $0.3000 level will substantially increase.

Technical levels

Resistance levels : $0.2400 and $0.3000

Support levels : $0.1800 and $0.1600

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.