Algorand Price Prediction: 2024, 2025, 2030

ALGO price prediction: Key highlights

1. Primary support and resistance levels

• An analysis of the weekly chart revealed $0.28 to be the highest resistance
• Meanwhile, $0.08 can likely be the lowest support

2. Market sentiment

• ALGO’s dominant market sentiment is bearish in September 2024.

3. Predictive forecasts

• Our AI/ML predictive algorithms project ALGO’s average price to exceed $0.30 in 2031 and $0.60 by 2034.

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: Market maintains a bearish edge

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 at its lowest support level, $0.09, a critical threshold to forestall further depreciation. A subsequent attempt to flip $0.10 in late September led to a pullback to the yearly low.

The market improved toward the end of October. A strong 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 $0.11 by July, erasing most of its Q4 2023 gains. 
 

However, the bulls remained resilient and elevated the price over the support-turned-resistance at $0.15 mid-month. This high faltered under profit-taking. Continuous selling drove the asset to the critical $0.10 mark in August.

As the broader market recovered in mid-month, ALGO wasn’t left behind. The price recovery turned $0.11 back to support. As the analysis period concluded, ALGO’s trading price was $0.12.

How high/low can ALGO go in 2024?

AMBCrypto's analysis highlighted a pronounced bearish trend, noting the asset’s struggle to overcome key resistance levels despite a bounce from the $0.1 support level. The price also formed a descending triangle on the daily chart, indicating sustained selling pressure. 

While the previous support is crucial, the bulls’ failure to hold it could trigger a decline to the lowest support or even lower to $0.08.

Meanwhile, a bullish reversal would necessitate flipping $0.15. Sustained buying momentum may even result in the asset breaking past $0.20, making the yearly high barrier the next target.

The projected trajectory of ALGO's value suggests a promising yet gradual appreciation over the next decade. By 2031, predictive models estimate that the average trading price of ALGO will be more than $0.30, indicating a steady rise from its current levels. This incremental increase is expected to continue, with the price forecasted to further escalate to $0.60 by 2034.

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 Bollinger Bands’ expansion was triggered by the price moving over the 20-week Moving Average (MA) and the frequent crossover with the upper band from late 2023. The dynamics reversed in April as the 20 MA was reinstated as resistance.
• While volatility increased in July, the price’s growing proximity to the MA led to a slight contraction, which pointed to a cooling off of selling pressure.
• The Moving Average Convergence Divergence (MACD) and its signal line turned positive in December and January, respectively. Their ascent was reversed in late March, culminating in a bearish crossover by April.
• Additionally, the MACD line dropped below the zero line in June, followed by the signal line in July. The latest recorded values were the MACD line at -0.0162, the signal line at -0.0150, and the histogram at -0.0013.