Algorand Price Prediction for Today, November 28 – ALGO Technical Analysis

Algorand Price Prediction

The Algorand price outlook remains bullish if the market stabilizes above the moving averages.

Algorand Statistics

• Current Price: $0.291
• Market Cap: $2.54 billion
• Circulating Supply: 8.28 billion
• Total Supply: 10 billion
• Coinmarketcap Rank: #54

Market Analysis

Algorand (ALGO) has experienced significant volatility, reaching a peak of $3.28 in 2019 before declining by -90.57%. However, its recovery from a low of $0.08761 in 2023 highlights its potential.

Key Levels

• Resistance: $0.380, $0.400, $0.420
• Support: $0.200, $0.180, $0.160

Daily Chart Analysis

ALGO/USD maintains a bullish structure on the daily chart. A recent 19% rebound from the $0.250 support zone indicates renewed buying interest. The price faces resistance at $0.300, a crucial level for its recovery.

Price Prediction

A bullish continuation is possible if ALGO crosses above the channel's upper boundary, targeting the $0.320 resistance level. Technical indicators suggest potential resistance at $0.380, $0.400, and $0.420 in the long term.

Conversely, a breakdown below the channel pattern could lead to a bearish trend, with potential support at $0.200, $0.180, and $0.160.

ALGO/BTC

ALGO/BTC follows a bullish trend. A cross above the channel's upper boundary could increase bullish momentum, with resistance at 400 SAT and higher. A breakdown below the lower boundary could result in support at 280 SAT and 240 SAT.

Elliott Wave Analysis

SolbergInvest (@SolbergInvest) suggests that ALGO has the potential to rally towards $1.4 based on Elliott Wave momentum. The cryptocurrency aligns with historical resistance at $1.4, potentially triggering a rally followed by a retracement.

Alternatives to Algorand

PePe Unchained (PEPE), a Layer-2 meme coin, has raised $56 million, highlighting the growing interest in this sector. Its decentralized exchange, bridge, block explorer, and staking rewards enhance its utility and appeal.