Algorand (ALGO) Price Prediction 2024, 2025, 2026, 2027, 2028
Are you curious about the future of Algorand? Our technical analysis brings you the latest Algorand price prediction for 2024 and beyond. We explore market trends and analyze sentiment to help you make informed decisions about your cryptocurrency investments.
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Current Algorand Price
$0.409842
-6.24693%
(1D)
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Algorand (ALGO) Technical Analysis
Algorand price prediction
| Year | Min Price | Av Price | Max Price |
|---|---|---|---|
ALGO traders use a wide range of trading signals and technical indicators to predict a price's trajectory. While not all methods are necessary to accurately forecast the direction of the market, some key indicators do hold more weight. Identifying Algorand support and resistance levels gives traders an insight into the market's supply and demand while helping to determine reversals in trends.
In addition, chart patterns are also widely used by traders to form trend lines which help in predicting the next candlestick move.
Various indicators such as the RSI, Moving Averages and the MACD can be used to determine the direction of the long-term trend and attempt to predict the future price movement.
In addition, chart patterns are also widely used by traders to form trend lines which help in predicting the next candlestick move.
Various indicators such as the RSI, Moving Averages and the MACD can be used to determine the direction of the long-term trend and attempt to predict the future price movement.
The price action on the neutral side, the price fell below the $0.413367 horizontal resistance area after previously moving above it. Such deviations are considered neutral signs. Despite this dive, the ALGO price remains %130.17 positive since the beginning of the year.
RSI
The RSI offers additional insight into the market’s momentum by measuring the size of Algorand price moves to determine whether its overvalued or undervalued. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset. Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.According to the RSI, In the 1 Week time frame, Algorand is currently trending bullish with the actual RSI reading at 58.99. The 50 line could provide support if the indicator returns to it.
Moving averages
Moving averages are an important analytical tool that provides traders with a bigger picture of what is happening in the charts by calculating the Algorand average closing price over a set period of time. The relationship between short- and long-term moving averages is crucial in determining the trend’s direction. When the short-term MA moves above the long-term one, it is a sign that the trend is gradually turning bullish.In the weekly timeframe, Algorand is in a neutral trend since the 50-x MA has crossed below the 200-x MA, and the price is trading below both.
Alternatively, the trend is neutral if the 50-day MA has crossed above the 200-day one, but the price is trading below them (and vice-versa).
MACD
Finally, the MACD uses a Simple Moving Average (SMA) and an Exponential Moving Average (EMA) to more accurately predict the trend. In similar fashion to simple MAs, the relationship between these two is helpful in determining the trend’s direction.For all these indicators, the weekly time frame is used to determine the long-term trend, the daily time frame is used for the intermediate trend, while the six-hour one is used for the short-term trend.
According to the MACD, in the 1-Week timeframe, Algorand is currently trending Bullish Momentum since the MACD signal line moved above 50 periods ago, and the histogram has been positive for 50 periods.
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Current Algorand Price
Algorand currently sits at a price of $0.409842 (ALGO/USD) with a live market capitalization of 3.4B. The 24-hour trading volume is 254.6M USD which is a - %6.24693 negative. With a circulating supply of 8.3B, Algorand's price movement is currently negative.Algorand Fundamental Analysis
Fundamental analysis aims to assess the inherent value of an asset, while technical analysis involves examining statistical patterns in the price and volume of that asset. Both techniques are employed to analyze and predict potential developments in the future price of that asset.In the case of ALGO, the most straightforward way to perform fundamental analysis is to look at supply and demand dynamics. Additionally, it is possible to look at the market capitalization amount (3.4B) and the circulating supply (8.3B) to arrive at reasonable price assumptions for the future. On the demand side, it is possible to look at on-chain data relating to the number of active and new addresses and transaction count.
What drives the price of Algorand?
There are a number of variables in the cryptocurrency market that can drive the price of Algorand upwards or downwards. The major force behind Algorand’s asset value is the market’s supply and demand. Whether the demand for more ALGO increases or decreases depends greatly on growing adoption.Furthermore, significant events such as protocol updates or hard forks may also play a significant role in Algorand’s price.
Another prime factor to consider is whale activity. Large holders of Algorand can greatly impact the price as one large sell order can drop the price significantly. In addition, never underestimate the power of large institutional adoption and political regulations on Algorand’s value.
Summary
It’s important to note some price predictions may appear contradictory. There is no clear-cut method for determining the future value of any cryptocurrency. This is because many factors are involved in price prediction. It’s not uncommon for one announcement to greatly change the trajectory of a coin’s price at any given time. The entire market as a whole can affect one coin’s movement as well as any updates on the project’s technology. Always do your own research before investing in any cryptocurrency.Frequently Asked Questions
According to our price forecast, the value of Algorand today — 14-12-2024 — should trade relatively constant between the ranges of $0.413367 and $0.597167.
According to our technical analysis, the current sentiment for Algorand's price today is neutral.
Algorand is currently trading in a range that holds support levels at $0.413367. Significant resistance levels are at $0.597167. These are prices to watch for in case we see a break in one of these levels which may lead to increased market volatility in the following days.
After evaluating various quantitative technical indicators, Algorand appears to have a neutral forecast for 2024. Always consider both fundamental and technical analysis before investing in any cryptocurrency. Price activity, institutional adoption, and on-chain activity can all offer more insight into a project's potential value.
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