At the time of writing this article, ALGO, the utility token of Algorand, has a value of $1.95 (7.54% increase today) with a trading volume of $741,396,537 with an increase of about 61.83% over the past 24 hours. It has been of the top gainers today among the top 100 cryptocurrencies.
ALGO is listed on coinmarketcap in 21st place. It has a market dominance of about 0.46%. ALGO had created its all-time high around the price of $3.44 in June 2019. It later dropped to the price of $0.06 in March 2020 from where it showed reversal. Since then, the coin has been on an upward trajectory but is still far from what its highest price was. It has a circulating supply of about 6.29B. It has a total supply of about 10B.
Technical Analysis – Algorand (Algo)
We can see that on the daily time frame, Algo was moving and respecting the trend line. The price broke down to create a fake-out which has eventually led to a highly impulsive move upwards.
The price of Algo was quick to retrace back and started moving lower. On a smaller time frame, we can notice, how it was respecting the trend line after this as well but eventually broke out of it as well.
A point of notice here is the daily order block that lies below, which started this whole move. The second point to notice is the wick which was long enough to grab the liquidity above. As the price is now starting to print the higher high. It can be expected of it to reach the middle of the wick and mitigate it. Once it happens, additional confirmations on the lower time should be taken into consideration about how the market may behave there.
If the price becomes stable we can expect Algo to move higher, if it isn’t able to keep up, we can expect the price to drop down and touch the unmitigated daily order block.
Price Prediction – Algorand (Algo)
The coin also seems to have a good future. With the amount of potential, it has (since it still hasn’t been able to break its all-time high). It shows that it can go massive in the future. According to the wallet investor, it is expected to reach a value of $2.922 in a year. For five years, the price is expected to reach a value of $7.830.
