Algorand Price Prediction for Today, August 21 – ALGO Technical Analysis

The Algorand price prediction shows that ALGO could be ready for the uptrend as the trades near $0.140 resistance today.

Algorand Prediction Statistics Data:

• Algorand price now – $0.136
• Algorand market cap – $1.18 billion
• Algorand circulating supply – 8.22 billion
• Algorand total supply – 10 billion
• Algorand Coinmarketcap ranking – #58

When it comes to crypto investments, being an early adopter can often be key to maximizing returns. For instance, let’s consider Algorand (ALGO). Since its all-time low of $0.08761 on September 11, 2023, the price has surged by an impressive 55.34%. Although it’s still significantly below its all-time high of $3.28 from June 21, 2019, this rebound from its lowest point highlights the potential for recovery and growth within the volatile crypto market. Being aware of such price performance can help you make informed decisions about your investments.

ALGO/USD Market

Key Levels:

Resistance levels: $0.165, $0.170, $0.175

Support levels: $0.105, $0.100, $0.095

According to the daily chart, ALGO/USD has been exhibiting a bullish falling wedge pattern on the daily chart. Recently, the price has bounced significantly from its support level and is now attempting to break through a critical resistance at $0.138 as this breakout signals potential upward movement.

Algorand Price Prediction: Algorand (ALGO) May Gain More Upsides

The Algorand price is currently hovering above the 9-day and 21-day moving averages. However, the daily chart reveals that the price surpasses the resistance level of $0.135 to touch the daily high of $0.137, but a recent breakout suggests a bullish cross above the upper boundary of the channel as the 9-day moving average moves to cross above the 21-day moving average, indicating a likely continuation of the upward trend.

Nevertheless, the technical setup for Algorand is showing a bullish bias. Therefore, if the price continues to hold above the key resistance levels, further upward movement towards the $0.140 resistance level is expected. However, additional resistance levels may also be found at $0.165, $0.170, and $0.175 respectively. On the other side, if the Algorand price heads toward the lower boundary of the channel, sliding below the previous support at $0.127 may lead the coin to the critical support levels at $0.105, $0.100, and $0.095.

ALGO/BTC Trades Bullishly

Against Bitcoin, the daily chart shows that the Algorand price is attempting to cross above the upper boundary of the channel. As soon as the price stables above this barrier, there is a possibility that additional gains could be obtained. Therefore, the next resistance level is close to the 230 SAT level. If the price keeps rising, it could even break the 260 SAT and above.

Nonetheless, if the bears regroup and slide below the moving averages, 190 SAT support may play out before rolling to the critical support at 185 SAT and below. Meanwhile, the 9-day MA is crossing above the 21-day MA, suggesting a bullish movement.

Moreover, @cryptofrontio shared insights about $ALGO with his followers on X (formerly Twitter), suggesting that the worst might be behind us. He mentioned that he has heavily invested in the token, with his initial profit target set at $0.70, representing a potential 650% gain. In an optimistic scenario, he anticipates the price could reach $5.60, which would be a 42x increase.

$ALGO HOLDERS THE WORST MIGHT BE OVER!!!
i personally have loaded the truck and my first take profit is 70cents (650% up) and my best case scenario is $5.60 (42X up) pic.twitter.com/rLyO2MKR93

— CRYPTO FRONT (@cryptofrontio) August 20, 2024

Algorand Alternatives

Algorand (ALGO) might kick-start another bullish run back above the $0.138 level if the market price crosses and stays above the upper boundary of the channel. Consequently, any additional positive break to the upside is needed for the coin to press higher. Meanwhile, the Play Doge token is a promising play-to-earn (P2E) project that combines the nostalgic Tamagotchi virtual pet experience with cryptocurrency. Despite the current bearish market, the project has raised $6 million during its presale, indicating strong investor confidence.

This Crypto Meme Coin Can 100X in a Few Days. Buy this Presale Gem NOW

Investing in Play Doge before the presale ends on August 26 offers a chance to profit from a promising play-to-earn project that has already raised $6 million. With a solid roadmap, strategic tokenomics, and growing community support, the token is poised for significant growth once it launches on exchanges. Early investors could benefit from potential price surges as the project gains momentum.

Visit PlayDoge

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