The crypto market’s rebound in the past 24 hours has enabled altcoins to make up for the losses made during the recent crash. Various cryptocurrencies are now making significant uptrends that are leading to the creation of new highs. Algorand has been among the leading gainers in the market within this period.
Algorand is trading at $2.04 at the time of writing after a 23.9% gain in 24 hours.
Algorand Price Analysis
Algorand is among the leading gainers in the crypto charts. The coin has been on a significant uptrend this week, with its weekly gains standing at around 75%. These gains have led to the creation of new highs.
The uptrend shows signs of holding because support from the broader market is currently strong. If it holds, we could see ALGO heading towards the next resistance levels of $2.10 and $2.20. These levels could allow the coin to make a bullish run towards $2.50 and beyond. A stronger bull run in the market that could enable ALGO to register highs of beyond $3 could also be achieved if market bulls continue.
On the other hand, we could also see the coin heading towards a dip. In this case, the coin will test the lower support level of $1.98. If buying support fails to hold, the coin could also slump further to go to the support at $1.80.
Algorand is positioned to become a popular cryptocurrency with great use cases as a means of payment. With cryptocurrencies becoming mainstream by the day, we could see ALGO gain massively in value if the payment-focused blockchain system gains adoption. Growing use cases for ALGO will be good for strong price action.
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