Algorand (ALGO) Price Prediction – Can ALGO Achieve a 25% Uptrend Soon?

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At 7:57 a.m. EST today, September 21, ALGO is up by 2.8% at $0.0974. Its 24-hour trading volume is also 201% up, over $48.7 million. The speculation is that this gain is due to the Build-a-Bull Global Hackathon in Algorand.

This global virtual event, scheduled for October 2023, aims to create an opportunity for developers to transform their world-changing ideas into start-ups.

Following the hackathon announcement on September 20, the ALGO coin gained in trading volume and price. As a result of this trend, crypto enthusiasts and analysts are forecasting that ALGO could reach $0.1 by month’s end.

Can ALGO achieve a 25% surge soon? 

Algorand’s Investment in Onramp Services Could Fuel ALGO’s Growth

The Algorand Foundation announced a significant investment by Algorand Ventures in a fiat-to-crypto onramp service from India, Onramp. Money. Onramp. Money’s rapid global expansion highlights the increasing demand for solutions bridging traditional finance with the Web3 ecosystem.

As such, the platform records substantial growth in transactions and user engagement. This strategic partnership aligns with Algorand’s commitment to fostering the Indian Web3 ecosystem and expanding onramp solutions into new markets. 

Algorand’s advanced blockchain technology combined with Onramp. Money’s user-centric approach could enhance its adoption. This could positively impact the ALGO cryptocurrency’s value as well.

ALGO Forms Red Candle Stick While MACD Line Suggests Bullish Momentum – Are The Bears Winning?

Algorand (ALGO) has a bearish market trend, considering that the Simple Moving Average (SMA) is above its price. The red candle stick formation on the chart shows increased selling pressure, evident on the Relative Strength Index.

As such, the RSI at 52.45 is plummeting, suggesting a potential dip toward the oversold region (below 30). On the other hand, the Moving Average Convergence Divergence (MACD) indicator is above the signal line, indicating a bullish momentum. 

But, considering the faded green histogram bar, ALGO may record more dips by the end of today.

ALGO Approaches Critical Support – Can A Rebound Occur?

The falling ALGO is nearing its support level of $0.0968. This movement suggests that a rebound could occur if bargain investors enter the market to buy ALGO cheaply. As such, more coin units will sell out, triggering increased buying pressure and market value for ALGO. 

Also, considering its price is still far from the resistance level of $0.1005, ALGO’s rally will last longer before stagnating. So, by the end of the month, ALGO could surge by 25%, reaching $0.12 after breaking above the resistance of $0.1005.

But while the coin is yet to manifest its expectations, traders and investors may diversify their investment portfolio with a promising alternative like Bitcoin BSC.

Algorand Alternative – Bitcoin BSC

While Algorand may encounter occasional challenges, the same cannot be said for cryptocurrencies in their initial presale phase, such as Bitcoin BSC (BTCBSC)

Bitcoin BSC has successfully amassed over $4 million in fundraising, exceeding 99% of its targeted soft cap. The impressive progress of this project can be attributed to its distinctive advantages.

Also, BTCBSC is a green project that uses staking for validation instead of the power-consuming proof of work mechanism.

In its presale stage, each BTCBSC token is valued at $0.99. This allows investors to get on the token’s market to capitalize on its growth potential and launch on crypto exchanges. As such, investors are strongly encouraged to take prompt action, as the presale may conclude once Bitcoin BSC achieves its soft cap. 

Purchasing the tokens occurs on the project’s website using ETH, BNB, or USDT. As a stake-to-earn project, Bitcoin BSC aims to create a passive income stream for early investors with massive APY returns.

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