BTC$23 377.12


ETH$1 842.25




USD Coin


Binance Coin




Algorand (ALGO) Stands Stock-Still In Front of Resistance

July 2020

The coronavirus crisis came at a very unfortunate time for Algorand (ALGO), a cryptocurrency that represents the blockchain platform for decentralized applications that was built by a well-known computer scientist Silvio Micali on the basis of the Pire Proof-of-Stake consensus algorithm.

1-year ALGO chart

In early 2020, ALGO was a fully-fledged participant of the altseason as its price had finally torn itself away from the long-standing range between $0.2 - $0.3 and went on a bull rally that peaked at $0.48. Traders who analyze the macro price levels in their line of work must have registered the head and shoulders pattern that finalized itself right at the edge of the collapse zone, and closed their positions in a timely fashion or started shorting ALGO.

Algorand is at the crossroads after a rally 

After the March price dump, Algorand began to recover the same way it did during the preceding price cycle, going to the upside slowly yet stubbornly in a tight rising channel. Notice how the price got glued to the support line at $0.2 again, although the resistance was located much lower this time around, at $0.25.

1-week ALGO/USDT chart

This particular price behavior could be illustrative of the way big market participants are acquiring the position before initiating a bullish spike. The level at $0.5 is crucial since it represents a borderline between the downtrend continuation and the commencement of the secondary uptrend. Therefore, if you still haven’t taken a position in this market, try to refrain from diving into it headfirst, unless you are in for a quick trade. It is important to see how the price responds during the encounter with $0.5 in order to understand who would be playing the first fiddle.

The more aggressive traders could consider $0.38 as an entry point for a long trade, on the condition that traders’ remorse confirms the bullish sentiment and the 14-period RSI stays in the overbought area. In that case, the spot for take-profit would be at $0.48 or slightly higher, depending on the market depth and order book composition at that time. The last three days of price action produced three spinning top candles that reflect the general indecision in the market. The trading volume has suffered a sharp decrease, which is a common prerequisite for the sideways action or the retracement that could pull the price down to ALGO’s another magnetic point at $0.3. In fact, the retracement would constitute a better scenario because it would indicate the healthiness of trend development. MACD, however, tells that the bullish momentum might stay intact that would confirm the preparation for an upswing from $0.38 to $0.48.

A mirror reflection of the USDT market

The price action in the Bitcoin market virtually mimics the one seen in the USDT pair - the same strong upswing with the subsequent loitering near the resistance at 4000 satoshis.

1-day ALGO/BTC chart

Obviously, a lot will depend on the behavior of BTC that continues to saunter down the hill. Should Bitcoin remain passive during the next two weeks, Algorand will keep on plotting to the upside, although it could meet significant resistance at 4300 sats.

Author: Alex Paulson for


Algorand (ALGO): The Ominous Three Black Crows Threaten the Range
Algorand (ALGO): The Ominous Three Black Crows Threaten the Range
Algorand (ALGO): The Upgrade Expectations Pushed the Price to Year’s High
Algorand (ALGO): The Upgrade Expectations Pushed the Price to Year’s High
Algorand Trading Sideways After Recovery
Algorand Trading Sideways After Recovery
Algorand (ALGO) Price Prediction for 2020
Algorand (ALGO) Price Prediction for 2020
Algorand (ALGO) Price Prediction
Algorand (ALGO) Price Prediction

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 86% 13 $23 377.12 -4.18% -4.83% $447 075 937 480 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.8% 57 $1 842.25 -5.57% -2.51% $224 771 545 069 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $1.000068 0% -0.03% $67 570 562 281 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $0.999915 -0.01% 0.01% $53 159 903 576 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 66% 64 $306.80 -4.80% -7.81% $49 498 485 536 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 92.4% 10 $0.374134 -3.28% -1.89% $18 473 812 799 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $1.000141 0.01% 0.02% $18 288 013 118 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 82.4% 30 $0.536096 -6.82% -1.61% $18 191 903 489 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 82.4% 33 $40.80 -8.29% -8.88% $14 232 149 113 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 82% 28 $0.081156 -7.02% 12.66% $10 767 081 650 DOGE 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 92.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 HEX (HEX) HEX HEX predictions 67.6% 66 $0.058867 -5.25% -5.51% $10 208 131 428 HEX 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 70% 54 $8.44 -7.64% -10.97% $9 351 379 972 DOT 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 77.2% 45 $0.000015 -8.13% 18.92% $8 164 105 683 SHIB 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 71.2% 63 $25.73 -8.40% -14.00% $7 332 766 147 AVAX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.