Cardano Price Prediction: 2024, 2025, 2030

ALGO price prediction: Key highlights

1. Primary support and resistance levels

• $0.455 might prove to be the peak resistance level on the weekly chart, while $0.092 was established as the lowest price floor.

2. Market sentiment

• The overall market sentiment is seen to be neutral to bullish in April 2024.

3. Predictive forecasts

• Our AI/ML predictive models forecast the average price of ALGO to reach $36.20 by 2030 and $1374.58 by 2035.

Get expert insights on ALGO via a comprehensive weekly technical analysis, 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: Another uptrend to follow the corrective drop?

The financial trajectory of ALGO throughout last year was emblematic of a tumultuous period for the cryptocurrency, predominantly characterized by bearish dominance. However, the outlook for Algorand's price prediction in 2024 appears more optimistic as bullish momentum returns to the market.

The review period for ALGO commenced with the token briefly testing above the $0.207 mark. However, by mid-April 2023, a pronounced bearish rally took hold, significantly impacting the price. This downward trend persisted, leading to a notable decline in ALGO's value, which plummeted below the critical support level of $0.117 by June. 

Despite the bulls’ fleeting attempt to initiate a recovery during this period, the momentum lacked durability, and the price continued to drop, ultimately reaching a yearly low at $0.092 by September.

In response to this low, October marked a turning point as a trend reversal was initiated, catalyzing a substantial increase in ALGO's value. This recovery was robust enough to propel the price back above the initial $0.207 level by the close of 2023.

As the new year unfolded, ALGO faced another downturn, with its value receding to the $0.158 level in January. This retracement reflected a broader market recalibration following the swift gains of the previous months. 
 

Nonetheless, as February arrived, the market sentiment shifted again, bolstering ALGO's value. The bulls reasserted their strength, pushing the token to its peak for the period at $0.275 by the end of March.
 

However, the surge to this peak resistance level was followed by a corrective pullback. This adjustment saw ALGO's value dipping back to retest the $0.158 mark. At the time of writing, ALGO had managed a modest recovery from its pullback, trading at approximately $0.202. 
 

ALGO’s short-term growth trajectory looks promising. Recently, Algorand announced its role as a technical partner in FrontTech Accelerator, a newly launched program by CDP Venture Capital’s National Accelerator Network. The program received over €7 million as an endowment. Additionally, the token witnessed a 22% price appreciation over the past week, according to CoinMarketCap.
 

If the bulls continue to soar, ALGO’s value might spike to reclaim the peak resistance at $0.275 within the next few weeks. Furthermore, a sustained bullish momentum may even result in ALGO breaking past the $0.455 mark within the upcoming months. This significant resistance level has not been touched since 2022.
 

However, if the bears gain momentum, ALGO might trade closer to the current support at $0.158. A more pronounced drop can even lead it back to touching the $0.117 level.
 

The long-term trajectory for ALGO is also optimistic. Our AI/ML models have projected that the altcoin will likely reach $36.20 by 2030. Furthermore, if the developmental improvements continue, ALGO’s value may soar even higher and touch $1374.58 by 2035.

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

• The Awesome Oscillator (AO) largely stayed below the zero line, indicating bearish momentum. However, in mid-September, the negative values began to lessen, leading to the AO transitioning into positive territory towards the end of November.
• The positive momentum began to wane in January. Yet, recovery was noted in mid-February, which continued until April. At press time, the AO had dipped slightly to 0.0519. 
• The trading volume began at low levels, with occasional spikes of activity. A notable recovery was observed towards the end of October, aligning with a bullish rally.
• However, a decline in trading volume was noted during January. This reversed in February as the volume started catching up the price again. It waned slightly at press time but did not fall to its previous lows.
• After a period of decline until September, the On-Balance-Volume (OBV) reversed its direction. This indicated a shift in market sentiment as buying pressure began to outweigh selling pressure.
• A significant upward movement in the OBV was observed towards the end of January, pushing the indicator to new highs. This suggested a strong influx of volume.
• At the time of writing, the OBV stood at 3.763 billion, marking the highest recorded value during the analysis period. It signaled substantial investor participation, potentially predicting continued upward price movement.