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- 1 The Algorand coin’s price increased by 2.50% over the last week.
- 2 The price of ALGO coin is trading at $0.11425 and the 52-week range is $0.09853 – $0.29788.
Algorand (ALGO) has a fully diluted valuation (FDV) of $1,141,164,983. This is a hypothetical market cap, assuming all 10 Billion ALGO tokens are circulating today. This is according to the crypto data and information website Coingecko. However, the actual FDV may take years to reach, depending on how the ALGO tokens are distributed over time.
As per Coinmarketcap, Algorand crypto plummeted by 2.97% in market value and by 32.49% in trading volume in the last 24 hours. Its market value is $890,404,530 and its trading volume is $54,697,594. There are 7,810,458,410 ALGO in circulation.
Algorand coin’s (ALGO) open interest is $37.06 Million. As per Coinglass, another crypto analysis website, it fell by 3.57% in the previous session. The long versus short ratio for 24 hours is 0.9361. The total number of short positions added in the last 24 hours is $4.58 K against longs of $66.48 K.
ALGO Coin Price Technical Analysis in the 1-Day Timeframe
ALGO coin price showed a downward trend for the past three months, decreasing by 32.34% during this period. At the time of publication, the ALGO Coin price is trading at $0.11425, and the price took support at the $0.09852 level and broke the trendline resistance.
Therefore, if the ALGO Coin price sustains the current level and rises, then it might hit the nearest resistance levels of $0.12237 and $0.13978.
However, the ALGO coin price could continue to move downwards and reach an all-time low at $0.09853. If it fails to maintain the current level.
At the time of publishing, the ALGO coin price (BITSTAMP: ALGO) is trading below the 50, 100, and 200-day EMAs (exponential moving averages), which are rejecting the ALGO Coin price trend.
However, 20-day EMA is supporting the trend if more buying volume adds up then the price might conquer rejecting EMA’s by making higher highs and lows.
Hence, ALGO Coin price prediction estimates the prices to move upwards, indicating a bullish outlook over the daily time frame chart for its price.
The MACD line at 0.00136 and the signal line at 0.00227 is below the zero line and both lines crossed each other a bullish crossover is observed in the MACD oscillator, suggesting bullish signals. The current value of the RSI is 52.81 points and the 14-day SMA is below the median line at 44.06 points, which indicates an upward direction and bullish sentiments in the market for the ALGO coin.
Conclusion
ALGO coin price prediction highlights the bullish sentiments and perspectives of investors and traders regarding the ALGO coin in the daily time frame. Algorand price action highlights a bullish view at the time of publishing. Moreover, the technical parameters of the Algorand price suggest the continuation of the uptrend over the daily time frame chart. Major trustworthy indicators MACD, RSI, and EMA, provide positive signals regarding the ALGO crypto price.
Technical Levels
- Support levels: The nearest support levels are all-time low at $0.09853.
- Resistance levels: The nearest resistance levels are $0.12237 and $0.13978.
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
