Algorand Price Prediction: 2024, 2025, 2030

ALGO price prediction: Key highlights

1. Primary support and resistance levels

• An analysis of the weekly chart revealed $0.09 to be the lowest price floor.
• Meanwhile, $0.40 can likely be the highest resistance level.

2. Market sentiment

• The market is seen to be bearish in August 2024.

3. Predictive forecasts

• Our AI/ML predictive algorithms project ALGO’s average price to exceed $0.60 in 2033 and $0.80 by 2035.

Given below is a comprehensive weekly technical analysis of ALGO, followed by the coming days of the month, upcoming months, and yearly forecast tables derived from our AI/ML-based predictive models: 

ALGO technical analysis: Bulls near a comeback

ALGO's financial trajectory throughout last year was emblematic of a tumultuous period for the cryptocurrency. However, the outlook for the Algorand price prediction in 2024 can go either way.

The analysis commenced with the asset struggling to sustain over $0.10. A substantial drop in mid-August pulled it to its lowest support level, $0.09, a critical threshold to forestall further depreciation.

The market improved toward the end of October. Consequently, the renewed uptrend flipped significant resistance levels to support and elevated the altcoin to test $0.20 in December. By mid-month, it surged past this resistance. Nonetheless, this peak wasn't sustained, precipitating a regression to $0.15 in late January.
 

February saw a renewed bullish effort, as consecutive green candles propelled the price to the highest yearly resistance of $0.28 in March. This level was tested several times throughout the month.

Nevertheless, bears clawed the asset back to $0.15 in Q2 2024. Buyers’ attempts to reclaim $0.20 weakened as selling pressure intensified. A series of declines from late May drove the price to $0.12 by July, erasing most of its Q4 2023 gains. 

However, the bulls remained resilient and elevated the price to challenge the support-turned-resistance at $0.15 mid-month. This attempt faltered under profit-taking. Continuous selling drove the asset to the critical $0.10 mark in August. As the analysis period concluded, ALGO had breached the $0.12 level with a trading price of $0.13.

How high/low can ALGO go in 2024?

If buyers stabilize at $0.12, it might be a base for another rally. Furthermore, a bullish reversal would necessitate flipping $0.20. A sustained momentum may even result in the asset breaking past the yearly high barrier, putting the next target at $0.40. This level can also pose significant resistance to further upswing.

Meanwhile, the dominant downtrend can cause further depreciation if investors liquidate. A drop below $0.12 will drive ALGO to the critical $0.10 mark, with the next downside target being $0.09.

The projected trajectory of ALGO's value suggests a promising yet gradual appreciation over the next decade. By 2033, predictive models estimate that the average trading price of ALGO will be more than $0.60, indicating a steady rise from its current levels. This incremental increase is expected to continue, with the price forecasted to further escalate to $0.80 by 2035.

ALGO's 2024 roadmap: Key indicators to watch and trade

• The trading volume correlated with the price movements. An increase during the rallies validated them. Meanwhile, as the price dropped, investor withdrawal was also evident. 
• The 20 and 50-week Exponential Moving Averages (EMAs) were established above the price, with the latter dominating. In November, the price candles ascended above the 20 EMA and managed a brief crossover of the 50 EMA by December.
• However, the price retreated, falling back beneath the 50 EMA and slightly below the 20 EMA towards the end of January. The subsequent bull run saw these EMAs flipped to support, with a golden cross formed in mid-March. Yet, as prices depreciated in April, this was negated by a death cross in early May, validating the downtrend.
• Within the Directional Movement Index (DMI), the +DI line started as the lowest. Conversely, the -DI line began as the highest but showed a consistent descent, eventually falling below the ADX line in mid-September. By mid-October, the +DI line gained momentum, surpassing the -DI line by November. 
• Throughout the following months, the +DI line and the ADX line exhibited fluctuating ups and downs, often crossing paths, with the +DI line peaking in conjunction with corresponding price rallies. 
• From March, the ADX and +DI lines began to decline, while the -DI line rose, briefly surpassing the latter in April. This pattern repeated in late May, with the -DI line overtaking the ADX and +DI lines by the subsequent month. At press time, the -DI was atop at 29.0205, with the ADX at 17.8576 and the +DI at 20.2852. This pointed to a weak bearish trend.