Bitcoin
BTC$38 967.91

-7.44%

Ethereum
ETH$2 871.05

-8.60%

Tether
USDT$1.000160

-0.01%

Binance Coin
BNB$428.81

-7.90%

USD Coin
USDC$1.000296

-0.04%

Cardano
ADA$1.23

-8.69%

Algorand (ALGO): The Upgrade Expectations Pushed the Price to Year’s High


August 2020

After more than a successful month, during which the price had risen from $0.3 to $0.72, which constitutes the 150% growth in a matter of just 11 days, Algorand (ALGO) has already begun to retrace, cutting the gains from the past month to 75% against USD and 42.5% against Bitcoin.

Forming a bullish flag after reaching new heights

3-month ALGO price chart

The reason behind such an impressive rally lies in the recently released upgrade of the Algorand network that is said to help the project to make the transition to decentralized finance through the incorporation of smart contacts at the base layer, along with such features as fast catchup and re-keying. The news regarding the upgrade was announced on August 19, but the price had risen significantly prior to that, incentivized by the expectations around ALGO becoming a part of the powerful DeFi movement. 

The rule of thumb in trading says to buy the rumor and sell the news, which is true in the case of ALGO as its price has been making lower highs ever since the rejection at $0.75, accompanied by decreasing trading volume, and the buying volume in particular, which is nearly always the sign that the bullish momentum has been extinguished for the time being.

1-day ALGO/USDT chart

At the same time, the key technical indicators are also flashing bearish signals that suggest the possibility that the ongoing retracement could end up going below the current support level at $0.5, which the price has been testing quite well during the last six days.

Presently, it is important to see how the price behaves near these key support levels and have a stop-loss in place in case Algorand decides to take a nosedive.

To summarize, Algorand has already proven itself as a fairly strong gainer that could be further incentivized by the entrance into the DeFi space. The trading tactic here is quite simple: watch out either for the breakout of the bullish flag or the descent to $0.5 or $0.47, at which point, ALGO will provide clearer signs of its intentions.

Author: Alex Paulson for Crypto-Rating.com

Related

Algorand (ALGO): The Ominous Three Black Crows Threaten the Range
Algorand (ALGO): The Ominous Three Black Crows Threaten the Range
Algorand (ALGO) Stands Stock-Still In Front of Resistance
Algorand (ALGO) Stands Stock-Still In Front of Resistance
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 70.4% 62 $38 967.91 -7.44% -7.59% $737 892 869 372 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60.4% 78 $2 871.05 -8.60% -11.22% $342 372 023 455 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $1.000160 -0.01% -0.02% $78 287 072 748 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 71.2% 56 $428.81 -7.90% -9.28% $70 802 974 684 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 95.2% 1 $1.000296 -0.04% 0.05% $42 399 121 779 USDC 7 days price change
6 Cardano (ADA) ADA Cardano predictions 74.4% 49 $1.23 -8.69% -1.46% $41 378 123 412 ADA 7 days price change
7 Solana (SOL) SOL Solana predictions 61.6% 87 $123.51 -9.84% -13.96% $38 846 684 963 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 68.8% 59 $0.691874 -6.72% -9.81% $32 976 873 993 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 69.6% 58 $77.73 -5.70% -0.40% $27 703 412 550 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 72.8% 48 $22.45 -8.55% -14.69% $22 171 004 822 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 71.6% 50 $0.153961 -6.54% -20.35% $20 426 155 179 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 66% 77 $76.46 -9.87% -13.92% $18 683 659 839 AVAX 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $0.999181 -0.15% -0.05% $14 221 363 997 BUSD 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 66% 68 $0.000026 -7.57% -15.60% $14 165 186 561 SHIB 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 66% 64 $1.90 -8.89% -14.69% $14 121 576 857 MATIC 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 Crypto-Rating.com

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.