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- 1 Algorand price prediction is bullish for next month and suggests upside reversal is possible.
- 2 ALGO price is trying to climb above the 50-day EMA.
- 3 Algorand crypto price is showing initial signs of a bullish trend reversal.’
Algorand price prediction is bullish for October 2023. It suggests a significant rise in the AGLO crypto is possible in the coming months if certain conditions are met.
ALGO price recovered 16% from its recent low and is trying to climb above the 50-day EMA. If the buyers succeed in climbing above the EMA, then a short-term trend will reverse upward. Moreover, it will trigger positive sentiment and boost the confidence of the investors.
Algorand price seems to be consolidating for the base formation. Once the base formation and accumulation are completed, the buyers will try their best to break the $0.1185 hurdle.
For the past weeks, an increase in the buying volume is visible but prices are still trading inside the range. It indicates that some big players are accumulating and the ALGO crypto is silent at a cheaper price. So, in the future, a sharp rise in Algorand crypto is possible.
At present, Algorand price is trading at $0.1014 with an intraday decline of 0.59%. The 24-hour volume to market cap is 2.98%. The pair of ALGO/BTC is trading at 0.00000381 with an intraday decline of -0.52%.
Algorand Price Analysis: Bulls are Returning Back on Track
Algorand price prediction favors the bulls and suggests a rise in the long run. The price behavior of the ALGO is quite stable and shows signs of trend reversal.
If the price continues to recover and break the $0.1185 hurdle, then a sharp rise toward $0.1411 is possible. However, if the recovery halts and the price faces rejection from $0.1185, then the price might remain in an existing consolidation range.
The analysis suggests that ALGO price is turning bullish and buyers seem to be returning back on track.
ALGO Price Reversing Upwards
ALGO price is reversing upward but the confirmation of the trend reversal is awaited. On a weekly time frame, it formed a bullish engulfing candle which shows the presence of buyers at lower levels.
In the coming months, if the BTC price recovers, then it might fuel the rally in ALGO. The MACD curve displayed a positive crossover and is sloping upwards.
The histogram bar is on the rise which shows the confidence of bulls. The RSI at 56 denotes mild bullishness and more room for upside is open.
Conclusion
Algorand price prediction is bullish for October as well as for November. ALGO price is reversing upward and showing signs of trend reversal. But confirmation will come when buyers are able to break the $0.1185 hurdle.
Technical Levels
- Resistance levels: $0.1185 and $0.1411
- Support levels: $0.0900 and $0.0818
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
