The Algorand price prediction shows that ALGO is changing hands at $0.20 as the market price moves to cross above the 9-day moving average.

Algorand Market Price Statistic:

• Algorand price now: $0.20
• Algorand market cap: $1.6 billion
• Algorand circulating supply: $8 billion
• Algorand total supply: $8 billion
• Algorand coin market ranking: #46

ALGO/USD Market

Key Levels:

Resistance levels: $0.25, $0.27, $0.29

Support levels: $0.15, $0.13, $0.11

ALGO/USD is currently trading around $0.20 and once it manages to surpass the potential resistance of $0.22, the next target could be located at $0.24 where it could trade above the upper boundary of the channel. However, a push from here could send the price straight to the uptrend as the daily low is spotted at the $0.19 support level. If the current level fails to hold strong, the Algorand (ALGO) could slip below the lower boundary of the channel.

Algorand Price Prediction: Is Algorand Ready for the Upside?

Looking at the daily chart, the Algorand price is likely to spike to the upside as the bulls are now coming back into the market. However, if the buyers can put more effort and push the market price toward the upper boundary of the channel, ALGO/USD could hit the resistance levels of $0.15, $0.13, and $0.11 respectively. In addition, any bullish movement above these key resistance levels may likely encourage further buying.

Meanwhile, a break below the lower boundary of the channel may bring the coin toward the critical supports at $0.28, $0.26, and $0.24. Meanwhile, looking at the moving averages, Algorand may tend to follow an upward trend as the 9-day MA keeps hovering above the 21-day MA, suggesting that the market may head to the upside.

ALGO/USD Bulls May Dominate the Market

Against Bitcoin, the Algorand price is hovering within the 9-day and 21-day moving averages which may hit the nearest resistance at 500 SAT. Therefore, unless this resistance effectively holds and the price ends up closing above it, there might not be any reason to expect a long-term bullish reversal.

However, bringing the price toward the lower boundary of the channel could refresh lows under 400 SAT as a possible bearish continuation may likely hit the major support at 370 SAT and below. More so, the buyers may push the coin to the potential resistance at 2000 SAT and above as the 9-day MA remains above the 21-day MA, suggesting more bullish signals.

Algorand Alternatives

The Algorand price appears poised to surpass the resistance threshold of $0.22, signaling a potential uptrend. If the cryptocurrency manages to breach the upper boundary of the channel, it could initiate another bullish rally above this level. For further upward momentum, the coin needs to secure a positive breakout above this key level. Consequently, to reach the subsequent resistance at $0.25, it must successfully surpass the $0.22 barrier.

In this regard, the Bitcoin Minetrix is excelling and is on track to outperform the established Algorand (ALGO) with a market cap of $1.6 billion, ranking 46th in the crypto world. Meanwhile, with the ongoing presale of more than $5.5 million, investors are set to experience an impressive 10X price increase once the token is listed on exchanges in the forthcoming months. Don’t miss out – secure your BTCMTX tokens today and chart your course towards financial freedom.

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• Source: https://insidebitcoins.com/news/algorand-price-prediction-for-today-december-20-algo-technical-analysis