Algorand (ALGO) May Gain More Upsides as the Trades Near $0.140 Resistance Today

The Algorand price prediction shows that ALGO could be ready for the uptrend as the trades near $0.140 resistance today.

.140 Resistance Today" >

Algorand (ALGO) price analysis shows that the coin is currently trading within a bullish falling wedge pattern on the daily chart. Recently, the price has bounced significantly from its support level and is now attempting to break through a critical resistance at $0.138.

As soon as the price manages to slice through this barrier, we can expect further upward movement. The Algorand price is currently trading above the 9-day and 21-day moving averages. However, the daily chart reveals that the price surpasses the resistance level of $0.135 to touch the daily high of $0.137, and a recent breakout suggests a bullish cross above the upper boundary of the channel as the 9-day moving average moves to cross above the 21-day moving average, indicating a likely continuation of the upward trend.

ALGO/USD price analysis: Bullish cross above channel’s upper boundary may lead to more upsides

After a recent price surge, Algorand (ALGO) price is displaying a bullish falling wedge pattern on the daily chart. Currently, the price is attempting to slice through a critical resistance at $0.138. If the price manages to cross and stay above this barrier, we can expect further upward movement.

The technical setup for Algorand is showing a bullish bias. If the price continues to hold above the key resistance levels, we can expect further upward movement towards the $0.140 resistance level. However, additional resistance levels may also be found at $0.165, $0.170, and $0.175 respectively.

On the other hand, if the Algorand price heads toward the lower boundary of the channel, sliding below the previous support at $0.127 may lead the coin to the critical support levels at $0.105, $0.100, and $0.095.

ALGO/BTC price analysis: Coin attempts to cross above channel’s upper Bollinger Band

Against Bitcoin, the daily chart shows that the Algorand price is attempting to cross above the upper boundary of the channel. As soon as the price stables above this barrier, there is a possibility that additional gains could be obtained. Therefore, the next resistance level is close to the 230 SAT level. If the price keeps rising, it could even break the 260 SAT and above.

Nonetheless, if the bears regroup and slide below the moving averages, 190 SAT support may play out before rolling to the critical support at 185 SAT and below. Meanwhile, the 9-day MA is crossing above the 21-day MA, suggesting a bullish movement.

Top Algorand (ALGO) influencers share their price predictions and optimism

Well-known crypto influencer @cryptofrontio shared his insights about $ALGO with his followers on X (formerly Twitter), suggesting that the worst might be behind us. He mentioned that he has heavily invested in the token, with his initial profit target set at $0.70, representing a potential 650% gain. In an optimistic scenario, he anticipates the price could reach $5.60, which would be a 42x increase.

$ALGO HOLDERS THE WORST MIGHT BE OVER!!!

i personally have loaded the truck and my first take profit is 70cents (650% up) and my best case scenario is $5.60 (42X up) pic.twitter.com/rLyO2MKR93

— CRYPTO FRONT (@cryptofrontio) August 20, 2024

Algorand alternatives to consider

If you’re looking for other high-potential crypto projects, check out our presale analysis of Play Doge, a P2E token that has already raised over $6 million.

Algorand (ALGO) could kick-start another bullish run if the market price crosses and stays above the upper boundary of the channel. Any additional positive break to the upside is needed for the coin to press higher.

Meanwhile, the Play Doge token is a promising play-to-earn (P2E) project that combines the nostalgic Tamagotchi virtual pet experience with cryptocurrency. Despite the current bearish market, the project has raised $6 million during its presale, indicating strong investor confidence.

This Crypto Meme Coin Can 100X in a Few Days. Buy this Presale Gem NOW

Investing in Play Doge before the presale ends on August 26 offers a chance to profit from a promising play-to-earn project that has already raised $6 million. With a solid roadmap, strategic tokenomics, and growing community support, the token is poised for significant growth once it launches on exchanges. Early investors could benefit from potential price surges as the project gains momentum.

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