Algorand Price Forecast 2023: Will ALGO Price Keep Plummeting?

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Algorand Price Forecast 2023: Will ALGO Price Keep Plummeting?

  • 1 The Algorand network coin’s price decreased by 7.93% over the last week and it is trading below all major EMA’s.
  • 2 The price of the ALGO coin is trading at $78.69 and the 52-week range is $008202 – $0.29788.

The ALGO coin has not performed well in the last month, decreasing by 11.57% and by 61.22% in the last six months. Algorand Network (BITSTAMP: ALGO) coin has a negative year-to-date return of 43.71% and a negative one-year return of 67.98%.

Algorand crypto declined by 1.62% in market value and by 1.34% in trading volume in the last day, as per Coinmarketcap, a crypto data analysis website. Its market value is $755,685,773 and its trading volume is $21,672,827. There are 7,827,171,714 ALGO in circulation.

Algorand coin’s (ALGO) open interest is $22.30 Million. As per Coinglass, another crypto analysis website, it rose by 0.79% in the previous session. The long versus short ratio for 24 hours is 0.8433. The short liquidation is $15.41 K versus $12.41 K for the long liquidation.

Algorand Price Technical Analysis (ALGO) in the Daily (1-D) Timeframe

ALGO coin price movement showed a downward trend for the last three months, falling by 35.48% during this period.

At the time of publication, the ALGO Coin price is trading at $0.09676, and the price is facing selling pressure and the recent nearest resistance is around $0.12237. If more selling volume joins then the breakdown might take the price towards new lows.

Therefore, if ALGO fails to sustain the current level, the ALGO coin price could continue to move downwards and reach the nearest support levels are $0.09247 and $0.08099.

However, if the ALGO Coin price sustains the current level and rises, then it might hit the nearest resistance levels of $0.12237 and $0.13978.

Algorand Price Forecast 2023: Will ALGO Price Keep Plummeting?

Source: ALGO/USD.1D.BITSTAMP by TradingView

At the time of publishing, the ALGO coin price (BITSTAMP: ALGO) is trading under the 20, and 50-day EMAs (exponential moving averages), which is throwing the ALGO Coin price trend down.

The MACD line at 0.00449 and the signal line at 0.00382 is below the zero line both lines cross down to each other and a bearish crossover is observed in the MACD oscillator, suggesting bearish signals. The current value of the RSI is 38.90 points and the 14-day SMA is below the median line at 39.86 points, which indicates bearish sentiments as the market is in bearish territory for the ALGO coin and highlighting bearishness.


ALGO coin price prediction highlights the bearish sentiments and perspectives regarding the ALGO coin in the daily time frame. Algorand price action highlights a bearish view at the time of publishing. Moreover, the technical tools of the Algorand price suggest the continuation of the downtrend (lower low and high break of structure) over the daily time frame chart. Such indicators EMA, RSI, and MACD, suggest bearish and negative signals regarding the ALGO coin price.

Technical Levels:

  • Support levels: The nearest support level with all-time support are $0.09247 and $0.08099.
  • Resistance levels: The nearest resistance levels are $0.12236 and $0.13977.

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.


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