Overall, the primary near-term goal for ALGO is the all-time high of $ 3.56 reached on June 20, 2019.
Algorand (ALGO) defied the market downturn induced by the Bitcoin (BTC) breaking higher to reach its highest price point since June 2019. In the past 24 hours, the cryptocurrency has jumped more than 30% against the US dollar, while its pair against at BTC is also up 32%.
At the time of writing, ALGO is trading around $ 2.01, having tipped lower from multi-year highs of $ 2.22, with the upside battling increased selling pressure from traders looking to lock in. their profits at current prices.
Despite the slowdown caused by profit taking, the bullish momentum in Algorand’s price is still intact and a race to new levels is likely in the coming days.
ALGO Price Prediction
ALGO / USD daily chart. Source: TradingView
The price of Algorand looks set to continue to rise, but it is difficult to make an exact prediction for a cryptocurrency. The reason is the wild nature of the market which means volatility can change momentum in a flash.
Nonetheless, a strong performance as predicted by various analysts should allow ALGO to turn the increased accumulation around $ 2 into further upward pressure. The daily RSI, which has yet to hit the February 2021 peak, suggests further room for improvement. The rising curves of the moving averages are also indicative of a bullish continuation.
In the short term, the price looks set for a race towards the $ 3 price points and then $ 3.50. If there is a break in the uptrend, a retest of $ 1.73 is possible. In this case, technical analyst Altcoin Sherpa identifies the support level of $ 1.50 as a good entry point.
$ SOMETHING: I’m not saying that you should buy right here, it is resistance. But when a coin starts to do what #Algorand is doing in this current environment, it’s a buy IMO. I’d probably try for 1.50 as an entry. pic.twitter.com/6H49Cq5jlq
— Altcoin Sherpa (@AltcoinSherpa) September 8, 2021
Why has the price of ALGO jumped 50%?
On September 8, the price of Algorand’s ALGO token went parabolic as buyers rallied over 50% for the largest single-day gains since August 2019. This latest spike follows positive news that Algorand will collaborate with Mexican cryptocurrency exchange Bitso and American charter bank Silvergate Bank to facilitate El Salvador’s Chivo wallet, the key to the country’s adoption of Bitcoin as legal tender.
This news comes on top of strong Algorand fundamentals and, according to SkyBridge Capital founder Anthony Scaramucci, the price of ALGO is set to climb, doing in the fall what Solana (SOL) did during the summer.
– Anthony Scaramucci (@Scaramucci) September 9, 2021
Daren, a pseudonymous crypto enthusiast, says Algorand has everything to become a prime target for investors: high utility, smart contracts and a “hotspot for NFTs”.
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