Algorand (ALGO) has been exhibiting an expected range trend, consistently finding support at the $0.10 level. This trend is likely to persist for a while. Interestingly, a twin-bottom pattern has formed on this support.
If the pattern’s neckline is broken, it is anticipated that the price will surge further, reaching the resistance range between $0.185 and $0.19, explains one of the top crypto analysts on TradingView: MonoCoinSigna.
The analyst says there is a minor resistance at around $0.122, and the price has shown multiple reactions at this level in the past. If buyers muster enough strength to break through this resistance, the next target would be the resistance range at the top of the descending channel, specifically around $0.141.
However, in a bearish scenario where there is a negative reaction to this resistance, the support range at $0.092 is significant. A positive reaction from the price in this range can be expected.
As of today, the price of Algorand (ALGO) stands at $0.114580. The 24-hour trading volume is $60,584,209, and the market cap is $888,587,108. The all-time high (ATH) for Algorand was recorded at $3.56 on June 20, 2019, while the all-time low (ATL) for the month was $0.098399 on June 10, 2023.
Algorand’s unique approach to solving the blockchain trilemma of security, scalability, and decentralization sets it apart. As a proof-of-stake system, it doesn’t require mining like Bitcoin, making it more efficient. Its permissionless and open-source blockchain has found applications in diverse sectors such as real estate, copyright, and microfinance.
Moreover, Algorand is making significant strides in the decentralized finance (DeFi) sector. It has launched decentralized applications (dApps) and a GameFi project. A recent partnership with the University of Florida aims to explore the advanced layer-1 proof of stake blockchain.
However, like all investments, especially in the volatile cryptocurrency market, it’s not without risks. The short-term outlook for Algorand appears bearish due to the identified fractal pattern, and the crypto market is known for its high volatility. Therefore, potential investors should exercise caution, conduct thorough research, and consider their risk tolerance before making any investment decisions. It’s always recommended to diversify one’s investment portfolio to mitigate risks.
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