Algorand is Predicted to Drop to $0.389940 By Nov 10, 2022

Disclaimer: This is not investment advice. The information provided is for general purposes only. No information, materials, services and other content provided on this page constitute a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.

• Algorand is up 13.55% today against the US Dollar
• ALGO/BTC increased by 10.65% today
• ALGO/ETH increased by 12.02% today
• Algorand is currently trading 13.50% above our prediction on Nov 10, 2022
• Algorand gained 24.28% in the last month and is down -76.41% since 1 year ago

ALGO price is expected to drop by -11.89% in the next 5 days according to our Algorand price prediction

Algorand price today is trading at $ 0.442581 after gaining 13.55% in the last 24 hours. The coin outperformed the cryptocurrency market, as the total crypto market cap increased by 13.41% in the same time period. ALGO performed well against BTC today and recorded a 10.65% gain against the world’s largest cryptocurrency.

According to our Algorand price prediction, ALGO is expected to reach a price of $ 0.389940 by Nov 10, 2022. This would represent a -11.89% price decrease for ALGO in the next 5 days.

ALGO Price Prediction Chart

Buy/Sell Algorand

What has been going on with Algorand in the last 30 days

Algorand has been displaying a positive trend recently, as the coin gained 24.28% in the last 30-days. The medium-term trend for Algorand has been bullish, with ALGO increasing by 24.48% in the last 3 months. The long-term picture for Algorand has been negative, as ALGO is currently displaying a -76.41% 1-year price change. On this day last year, ALGO was trading at $ 1.88.

Algorand reached its all-time high price on Jun 21, 2019, when the price of ALGO peaked at $ 4.77. The current ALGO cycle high is $ 2.52, while the cycle low is at $ 0.101011. ALGO has been displaying low volatility recently – the 1-month volatility of the coin is at 5.97. Algorand recorded 17 green days in the last 30 days.

Algorand technical analysis for today – Nov 05, 2022

The sentiment in the Algorand markets is currently Neutral, and the Fear & Greed index is reading Fear. The most important support levels to watch are $ 0.377561, $ 0.341732 and $ 0.316666, while $ 0.438457, $ 0.463523 and $ 0.499353 are the key resistance levels.

Neutral sentiment for Algorand

21 indicators are currently signaling a bullish prediction for Algorand, while 9 indicators are showing a bearish forecast. With 70% of indicators favoring a positive prediction. This results in an overall Neutral sentiment for Algorand.

Crypto market is currently experiencing Fear

Currently, the Fear & Greed index is at 38 (Fear), which signals that investors have a negative outlook on the market. The Fear & Greed index is a measure of sentiment among cryptocurrency investors. A “Greed” reading suggests that investors are currently optimistic about the cryptocurrency market, but can also be an indication that the market is overvalued. A “Fear” reading, on the other hand, signals that investors are currently hesitant about the cryptocurrency market, which potentially represents a buying opportunity.

Algorand moving averages & oscillators

Let’s take a look at what some of the most important technical indicators are signaling. We’ll be going through key moving averages and oscillators that will allow us to get a better idea of how Algorand is positioned in the market right now.

The Relative Strength Index (RSI 14) is a widely used indicator that helps inform investors whether an asset is currently overbought or oversold. The RSI 14 for Algorand is at 78.82, suggesting that ALGO is currently overbought.

The 50-day Simple Moving Average (SMA 50) takes into account the closing price of Algorand over the last 50 days. Currently, Algorand is trading below the SMA 50 trendline, which is a bearish signal.

Meanwhile, the 200-day Simple Moving Average (SMA 200) is a long-term trendline that’s calculated by taking an average of the ALGO closing price for the last 200 days. ALGO is now trading above the SMA 200, signaling that the market is currently bullish.

The bottom line about this Algorand prediction

After considering the above factors, we can conclude that the current forecast for Algorand price prediction is Neutral. ALGO would have to decrease by -11.89% to hit our $ 0.389940 target within the next five days. Moving forward, it will be important to monitor the ALGO market sentiment, the key support and resistance levels, and other metrics. However, we have to keep in mind that the cryptocurrency markets are unpredictable, and even the largest crypto assets display a lot of price volatility. For long-term Algorand price predictions click here.

Disclaimer: This is not investment advice. The information provided is for general purposes only. No information, materials, services and other content provided on this page constitute a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.