Algorand has been showing impressive results since it began surging at the beginning of the year. ALGO has risen steadily, attracting the attention of many investors and traders who have been keeping an eye on it. However, can ALGO hit its ATH?
Algorand (ALGO) Token
Algorand is the fastest L1 blockchain that allows 1000 transactions per second with minimal fees. The transaction’s finality is under five seconds. The ALGO ecosystem is powerful, showing growth in the amount of TVL even after passing through a series of bearish moves.
The decentralized network solves the blockchain trilemma when a blockchain chooses to compromise on either scalability, security, or decentralization. Algrand uses pure proof of stake with a difference in the consensus process. With its smart contract functionality, ALGO gives access to dApps that make valuable blockchains for a few financial activities, institutions, and users.
1/ #Algorand continues to deliver the technology required to power applications & solutions of the future with the latest protocol release hitting MainNet today 👉 https://t.co/9uGfzCO7qI pic.twitter.com/7mE08SLwZn
— Algorand (@Algorand) March 2, 2022
The ALGO has a virtual machine-a layer 1 protocol- to strengthen the dApps’ scalability for organizations and developers. Recently, the token blockchain launched cross-chain communications and translation speed improvements. The announcement reveals the implementation of the stake proofs, which will enable the ALGO chain to work smoothly with other blockchains.
Algo Market Analysis and Statistics
Since January 2023, ALGO has been up 41% to date. The market price is characterized by a series of higher lows and higher highs on an upward trend. At the time of writing, the ALGO market price is trading at $0.28, with a low of $0.25 in the past 24 hours. ALGO has a trading volume of $236,466,201 with a market capitalization of $2,023,028,615, representing 0.178% market dominance.
The coin hit its all-time high in June 2019 but has been heading downward since reaching $3.56. The bearish move lasted until the last quarter of 2022. However, since the beginning of 2023, the bulls have taken over the market and pushed the prices up. In the last 24 hours, ALGO has accumulated a trading volume of $236,077,374, representing 246.92%.
This alone signals that a lot of activity is happening with ALGO, causing its price to rise. ALGO is doing well compared to its peers. with an increase in price of 16% in the past 7 days. The ALGO community sentiments represent 92% showing trust in the token to move X times and profit many. Currently, ALGO is trading on centralized exchanges like DeepCoin, Coinbase, and Binance.
Can ALGO Price Reach its All-Time High in Q1 of 2023?
The ALGO price has had a sharp series of bearish moves since hitting its all-time high in June 2019 at $3.56. However, the bears intensified the movement further in November 2022, plunging the price to $0.16, which looks like a strong support level for the ALGO market price.
The FTX collapse, which shook the entire crypto market, is to thank for plunging the ALGO market price along with other cryptocurrencies.
ALGO/USD Technical Daily Chart Analysis and Prediction
The market price of ALGO has hit a resistance level of $0.27. This is very clear after the token began reversing downward shortly after. Can the ALGO price break through the resistance level, and what are the chances that it could?
Looking at the price chart above, ALGO’s price is trading above the 50-day moving average. Furthermore, the price is moving along the upper trend line and has been unable to break to the downside. The price is slightly below the 200-day moving average and slightly above the resistance level. However, the RSI indicator is bullish, trading at 65, above the 50 levels.
Our ALGO price forecast is based on the probability that the price will break above the $0.27 resistance level and 200-day moving average. Should this happen, our prediction is $0.40 by the end of march 2023.
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