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      Algorand (ALGO) coin price prediction – To cross $1 soon? - Stocks Telegraph

      By Muskan

      Published on

      July 8, 2021

      1:12 PM UTC

      Algorand (ALGO) coin price prediction – To cross $1 soon? - Stocks Telegraph

      Algorand (ALGO) has been going downhill since the beginning of May. The cryptocurrency has been struggling with maintaining bullish momentum and eventually succumbed to the bears. As June ended, the cryptocurrency market showed signs of revival but the signs fell short for Algorand as it spiraled downwards once again. At the time of writing, Algorand stands at a price level of $0.86. The price has declined by 5% in the past twenty-four hours while the trading volume has fallen by 8%.

      The market sentiment for Algorand is bearish. Out of the total twenty-six technical indicators, fourteen are standing at a sell position with nine neutral indications and only three signals at buy. The oscillators are neutral while the moving averages are bearish.

      Algorand has been operating with a descending trendline. The trendline has also been acting as resistance for the cryptocurrency. Unless bullish momentum overtakes the market, Algorand is expected to continue downhill with lower price levels as major resistances. The relative strength index can also be observed to be declining.

      The price prediction in the long-term for Algorand is optimistic. Digital Coin Price predicts that the cryptocurrency will end the year at a price level of $1.31 and will be operating at a price level of $3.76 in 2028. Wallet Investor’s predictions are more bullish. Per their estimates, the price after one year would be $1.71 while the five-year price will be $5.22.

      Algorand (ALGO) major developments

      Even though the cryptocurrency is bearish, the development team of Algorand has been active. Algorand has made the official wallet of the network open-source and the codebase is now publicly available. Moreover, there has also been an influx of new projects on the network. A couple of former PayPal employees have launched a cross-border payment network on Algorand.

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