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Algorand Price Struggles to Recover: A Sign of Impending Downturn?

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Algorand Price Struggles to Recover: A Sign of Impending Downturn?
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Algorand crypto is gathering buying volume near a positive trendline support to reclaim the bullish territory. Moreover, the bulls are establishing their presence near the trendline support as a green candle was formed over the past two sessions.

Moreover, the crypto started the day positively and gained nearly 2% in the morning session but faced rejection near the 200-Day on the 4-hour chart. The bears showed their presence in the afternoon session and erased the morning gains to drag the price lower.

At the time of writing, the ALGO crypto price hovers near the $0.19 with a negative development of 1.55%. The crypto has a total market cap of $1.5 Billion and ranks 51st in the overall crypto market. It has a 24-hour volume of 57.6 Million with a rise of 6.02% as compared to the previous day. 

Algorand Price Struggles to Recover: A Sign of Impending Downturn?
Source: CoinMarketCap

Algorand Crypto Price Trend Analysis

The daily chart shows that the ALGO/USD pair reversed and entered a short term downtrend on January 2nd, 2024 and fell forming lower highs and lower lows, indicating weakness.

Currently, ALGO crypto is facing resistance from the 20-Day exponential moving average (EMA), which is sloping downwards. However, the recent price hike has pushed the crypto above the 50-Day exponential moving average. The short term trend has been driven by the sellers as the price has not been able to close above the 20-Day EMA in the recent session.

On the lower side, Algorand price could find support at the $0.188 level, which is the daily low. If the price breaks below this level, it could slide towards the next support at $0.16, which is the low of December 23, 2023.

On the other hand, if the pair manages to bounce from the $0.19 level, it could face resistance at the $0.22 level, which is the weekly high. This level is also near the 20-Day EMA.

If the price breaks above this level, it could target the next resistance at $0.24, which is the recent swing high. This level is also near the 50-Day SMA and the 23.6% Fibonacci retracement level of the decline from $0.39 to $0.16.

Algorand Price Prediction January 2024

Algorand Price Struggles to Recover: A Sign of Impending Downturn?
ALGO/USD Chart by TradingView

As per the most optimistic view of our analysts, the ALGO price could reach a high of $0.221 by the end of the month. The bearish view of analysts hopes for a breakdown below the recent support after which the price may drop to a low of $0.176.

Algorand Price Prediction 2024

The price prediction for 2024 shows that Algorand crypto may advance to a high of $0.336 by the end of year 2024. The less optimistic analysts estimate a price target of $0.265 by the end of year 2024.

Algorand Price Prediction 2025

On the most bullish observation, Algorand crypto could gain to a high of $0.429 in the year 2025. On the flip side, the most pessimistic prediction of our analysts is for the price to reach $0.337.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

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