Algorand price holds steady above near witnessing a slightly positive outlook for the second consecutive day. The price seems to stabilize near the day’s high following a volatile action for a couple of sessions.
Earlier, the ALGO crypto noted a strong bearish rally that determined the price direction for the past five intraday sessions. The crypto erased nearly 15% of its market capitalization in the period. However, the price drop halted near the 200 day EMA and some sort of bullishness was observed on the charts.
At press time, the ALGO crypto was at $0.161 with an Intraday gain of 0.21%. The crypto is currently hovering near the 20-Day EMA and seeks for buyer’s accumulation near it.
Also, Algorand has a live market capitalization of $1.310 Billion and ranks 53rd among all the cryptocurrencies. It had a 24-hour trading volume of 30.120 Million with an intraday drop of 32.28%.
Furthermore, The recent price drop has dragged the price to the monthly low value and has added to erase a total of 40% from the high. The price has reached a make or break level which if breached, may reverse the trend.
Also, The 200-Day EMA might be the last defending zone for the buyers to keep the trend in their favor. The breakdown below the 200-Day EMA may initiate a fresh selloff after the trend reversal.
While, if the buyers halt the further fall and tend to higher the price, it may again surge to reclaim 50-Day and 20-Day EAM on the upper side.
As per the indicator analysis, Algorand is facing sell-off from the upper levels, suggesting a negative outlook in the short term. The MACD lines are below the zero line and have made a bearish crossover, highlighting a weakness over the charts.
At the time of writing, RSI was at 36.55 points, and that SMA line was at 41.47. Both the RSI and SMA line are below the mean line, suggesting a bearish sentiment in the short term.
Algorand Price Prediction January 2024
The positive view of analysts is an upside potential of over 13.76%, which could take the Algorand crypto price above the $0.183 mark. While the bearish view of analysts hopes the price could drop to the $0.140 level.
Algorand Price Prediction 2024
The price prediction for 2024 shows that Algorand crypto may advance to a high of $0.251 by the end of year 2024. The less optimistic analysts estimate a price target of $0.207 by the end of year 2024.
Algorand Price Prediction 2025
As per the most positive view of our analysts, the price may hit the $0.312 mark, suggesting an upside potential of 92.1%. The most pessimistic view is that the price could reach $0.244 by the end of the financial year 2025.
