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 July 2024.

3. Predictive forecasts

• Our AI/ML predictive algorithms project ALGO’s average price to exceed $5 in 2028 and escalate to $1,000 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: Price struggles under sellers’ stronghold

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 overcome $0.12. Repeated tests of this level were rejected, and by mid-August, it returned to its lowest support level at $0.09. This level was a critical threshold to forestall further depreciation.

The market improved toward the end of October. Consequently, a notable resurgence in buying pressure led the altcoin to not only flip $0.12 but also ascend above $0.15 in December. By mid-month, it had surged over $0.20. Nonetheless, this peak wasn't sustained, precipitating a regression to the former level 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. As the analysis period concluded, ALGO was trading at $0.14.

How high/low can ALGO go in 2024?

The dominant downtrend can cause further depreciation if investors liquidate at the current resistance again. If buyers hold $0.12, it might be a base for another rally. Meanwhile, a drop below this will drive ALGO to the critical $0.10 mark, with the next downside target being $0.09.
 

A bullish reversal would necessitate flipping $0.20. Furthermore, sustained momentum may even result in the asset breaking past the yearly high barrier, putting the next target at $0.40. Notably, this level can also pose significant resistance as it has not been breached since May 2022.
 

The predictive models have yielded optimistic forecasts for the asset, projecting a substantial growth trajectory over the coming years. ALGO is forecasted to trade at an average price of over $5 by 2028. This would entail overcoming the all-time high (ATH) within the next four years. The uptrend is expected to continue, with the models forecasting a significant increase to an average price of $1,000 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 even managed a brief crossover of the 50 EMA by mid-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 25.3703, with the ADX at 15.7952 and the +DI at 21.0493. This pointed to a weak bearish trend.