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The Algorand price prediction shows that ALGO could renew the bullish trend after testing the support level of $0.159 today.
Algorand (ALGO) Experiences Remarkable Growth With A Surging Market Cap
In Q4 2023, Algorand (ALGO), a smart contract platform, outperformed the broader cryptocurrency market with significant achievements. According to a recent Messari report, Algorand experienced a remarkable 123% growth in market capitalization, surpassing the overall crypto market’s 53% expansion during the same period. This exceptional performance highlights Algorand’s impressive trajectory in the fourth quarter and it is likely for the coin to experience the same in the next few months.
Algorand Prediction Statistics Data:
- Algorand price now – $0.162
- Algorand market cap – $1.3 billion
- Algorand circulating supply – 8.0 billion
- Algorand total supply – 8.0 billion
- Algorand Coinmarketcap ranking – #53
ALGO/USD Market
Key Levels:
Resistance levels: $0.220, $0.240, $0.260
Support levels: $0.100, $0.080, $0.060
ALGO/USD has been hovering around $0.162 after touching the daily high of $0.163. The Algorand price is currently changing hands below the 9-day and 21-day moving averages but, with a slight loss of 0.25% since the start of the day. However, the coin is still hovering below the moving averages but could head to the upside if the bulls return to the market.
Algorand Price Prediction: What Could Be the Next Direction for Algorand Price?
The Algorand price is likely to head toward the resistance level of $0.180 as the initial move to cross above the 9-day and 21-day moving averages could boost the price further up. Looking at it from above, more bullish movements may come into play if the 9-day MA can cross above the 21-day MA, and the nearest resistance level could be found at $0.170.
However, traders can see that the daily movement remains in the hands of the bears and the market price is likely to cross below the lower boundary of the channel. Meanwhile, a bullish break above the moving averages may most likely push the coin toward the potential resistance levels of $0.220, $0.240, and $0.260, while a drop below the lower boundary of the channel could lead to the supports at $0.100, $0.080, and $0.060 respectively.
ALGO/BTC May Follow the Bearish Movement
ALGO/BTC is exhibiting a sideways movement, with a bearish candle which could indicate a potential crossover above the 9-day and 21-day moving averages. Despite touching 408 SAT resistance, the coin retraced, with the potential for an upward spike if buyer pressure plays out.
Conversely, seller resurgence could drive the price to the support level of 300 SAT and below. The 9-day MA below the 21-day MA suggests a bearish trend, but a bullish move above these moving averages may target the 510 SAT resistance level and above.
According to @3TGMCrypto, addressing his 11k followers on X (formerly Twitter) that ALGO, alongside two other tokens, is set to reshape the future and unlock mutual benefits through powerful collaboration in the crypto space. This video speculates on the potential collaboration between Hedera, Ripple, and Algorand in 2024, offering a glimpse into the exciting possibilities ahead.
🚨📈 MUST WATCH: $XRP + $ALGO + $HBAR PLOTTING TO WORK TOGETHER! 🚀🚀
Showcasing the power of collaboration in the crypto space. This video explores how these 3 tokens can reshape the future & unlock mutual benefits. 👀
Will we see a Hedera, Ripple & Algorand collaboration in… pic.twitter.com/8RiXEF9nD2
— Good Morning Crypto (@AbsGMCrypto) January 18, 2024
Alternatives to Algorand
Algorand (ALGO) is nearing a significant breakthrough at the $0.165 resistance level, signaling a potential uptrend. Despite Algorand’s established market cap of $1.3 billion, the Bitcoin Minetrix demonstrates remarkable performance, claiming the 53rd position in the crypto market hierarchy. Additionally, an ongoing presale for $BTCMTX, exceeding $9.5 million, fuels investor expectations for a substantial 10X price surge upon the token’s exchange listing in the coming months.
BTXMTC Breaks Record with $9 million Presale!
Nevertheless, the Bitcoin Minetrix token presents a promising opportunity to amplify returns when speculating on the coin asset class. Meanwhile, prospective investors are encouraged to capitalize on this opportunity before the presale concludes.
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