Price Analysis

Algorand(ALGO) Price Prepares for a Massive Pump Ahead, Is ATH On Its Way?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Dec 6, 2021

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Highlights

    Algorand price appears to reverse the trend very soon and head towards its highs above $3 in the coming days

    The asset is climbing with a lowered pace and trying to eliminate setbacks so that the uptrend can smash the immediate resistance at $2

Ever since the crypto space faced a similar crash to that of May, many assets are attempting very hard to recover losses. ALGO price also faced a huge drop of more than 30% and revisited lower levels around $1.3. However, the trend appears to have reversed and the asset with some pumps and dumps is approaching the immediate resistance levels around $1.8. 

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The Algorand recently hosted a ‘Decipher event’, a gathering intending the Algorand developers, businesses, and innovators to learn about several topics. Moreover, the blockchain also launched an NFT marketplace called AlgoMart. This aims to ease out the NFT launch process offering modular tools, integrated payment systems, and many more.

After swinging within a descending parallel channel for almost a month, the price is expected to breach through upper resistance levels soon. 

Currently, the ALGO Price is trending within a descending channel ever since it smashed the yearly highs around $2.5 regions. Woefully, it fell into a deep well hitting the bottom of the channel but sustaining above $1.5. However, the recent sell-off pulled down the price below the strong support levels and slashed it to $1.32 levels. Luckily, the price rebounded well before reaching the support levels of the channel and initiated a notable uptrend. 

At the press time, the Algorand price is hovering around $1.833. The altcoin is heading strongly towards $2 with a massive jump of 10.85%. The volume also spiked to a large extent of about 30%  with a market cap crossing $11 billion. The uptrend is likely to continue slowly yet steadily. However, the crucial levels reside in between $1.99 to $2.07 which needs to be cleared to reinstall a bull rally. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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