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- 1 Algorand price prediction is bullish for October 2023.
- 2 ALGO price is stuck in a narrow range.
- 3 Algorand price is trying to climb above the 50-day EMA.
Algorand price prediction is bullish for the current month and suggests a short-term rise is possible. ALGO price had consolidated for quite a long time in a narrow range between $0.900 to $0.1100. It formed a long-term base and buyers are trying their best to rebound.
Algorand crypto price did not perform well in 2023 and disappointed the long-term investors. It corrected a lot from its highs and also formed a strong base. So, a pullback rally may be triggered anytime from the lower levels.
The trading volume in ALGO crypto is increasing and the price is on a slow and steady rise. It indicates that some genuine investors are silently accumulating the crypto at a cheaper price.
Algorand crypto price is trading below the downward-sloping 200-day EMA indicating that the positional trend is down. However, the price is near the 50-day EMA so if buyers succeed in holding the EMA, then a short-term trend may reverse upward.
Algorand price is trading at $0.0993 with an intraday decline of -0.90%. The 24-hour volume to market cap is 2.53%.
Will Algorand Price Expand the Range Upward in October?
Algorand price prediction favors the bulls and suggests a 10% to 20% rise is possible in the coming months. Till ALGO’s price is sustained above $0.0800, it will be risky to create further shorts.
However, until the ALGO price is able to break the $0.1195 hurdle, the prices will lack bullish momentum. If the overall crypto market recovers, then it might positively impact the price of ALGO and other altcoins. Moreover, it will also increase the probability of the breakout. The technical analysis suggests Algorand’s price is near the demand zone so the downside risk is low.
ALGO Price Mild Bearish on Weekly Time Frame
ALGO price fell approximately 6% in the previous week and formed a bearish candle. The price pattern on the daily and weekly time frame is mildly bearish but the price looks oversold. So, a relief rally may come from support.
The MACD curve is above the zero line and histogram bars are green indicating bulls are getting active. The RSI at 50 denotes a neutral zone so prices may consolidate for some time before deciding further direction.
Conclusion
Algorand price prediction is bullish for October 2023 till the price sustains above $0.0800. It has consolidated for a quite long time and formed a strong base. Therefore, the ALGO price might show a pullback rally and may try to test the previous month’s high.
Technical Levels
- Resistance Levels: $0.1195 and $0.1416
- Support Levels: $0.0900 and $0.0814
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
