Algorand Price Analysis:Will Algo Price Jump Above The $2 Barrier?

Algo price ready for a new all time high
  • Algorand price is currently in an accumulation zone with a gain of 7.4% in the 24-hour time frame.Meanwhile, the ALGO/BTC pair sees a bullish momentum with an increase of 6.28%.
  • Algo is a self sustaining ,decentralized network with a great fundamentals . In contrast, it has seen a gain of more than 325% from the start of the year.

Algo is currently ranked 39th, with a market capitalization of $14,051,703,723. The volume ($$370,805,907) of the coin has an increase of 41.37% in the 24-hour time frame. Volume to Market capitalization ratio for the coin is 0.1008. If the ratio goes above 0.8, then a buying rush can be seen. Algo price forecast a higher gain in upcoming days.

Why to Invest in Algo Coin?

Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. It was launched in 2019 by Silvio Macili. Silvio Macili is a recipient of turing award for his contribution to two party secure transaction and cryptocurrency. It is formed to decrease the transaction time and fees .

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Algorand mainet handles 1 million transaction per day. Algo coin has stepped into the NFT and various other projects.

Swingby will be working with the Algorand team to build a Bitcoin to Algorand bridge. It is an Ethereum to Algorand bridge and Skypool integration. This Skybridge enables users to move a 1-trillion dollar market cap digital asset like Bitcoin into the $50B DeFi ecosystem, as well as supports the seamless flow of liquidity between chains.

Technical Indicators Projects A Consolidated Momentum For Algo Price

Source:Trading view

The weekly technical chart for Algorand showcases a bullish momentum. ALGO price is showing signs of consolidated momentum on coming to the daily chart.Its price is trading above 50 and 100 Moving Average.The 50MA price is at $1.18, making it temporary support for the coin. The coin’s resistance on the upside will be at $2.03, and on the downside, it will see a bounce back from $1.02.Algo price is currently inside the accumulation zone on the daily chart.If the price breaks 10% above the parallel channel then a strong bullish momentum upto the point of $2 can be seen.

RSI(Bullish): It is currently trailing at 62.64, showcasing its presence in the neutral zone. There is positive slope formation in RSI, which suggests bullish momentum. The overall sentiment of the RSI is bullish.

Conclusion

Algo price projects an uptrend for upcoming months.Algorand has partnered with various NFT projects to increase their customer base.The Algo/BTC pair can also see a bullish move. An Investor should do their due diligence before investing.

Technical Levels

Major Support:$1.02

Major Resistance:$2.03

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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