The Algorand (ALGO) price continues to subside following last week’s major spike, despite a build-up of excitement regarding the blockchain last weekend at a community get-together at ETH Boston.
ALGO was down around 2% on Monday, just below $0.19, having reached as high as $0.2650 last Wednesday.
The Algorand Foundation, the group behind the development of the Algorand blockchain, hosted the closing party for ETH Boston 2024.
Hey Boston #AlgoFam!
The @AlgoFoundation is cohosting the closing party for@ETHBoston 2024 alongside @TheBostonDAO!
Join us for a fun night with passionate, multi-chain developers and crypto enthusiasts!
Register for free https://t.co/GDz32s3elD pic.twitter.com/al4lHvKkep
— Algorand Foundation (@AlgoFoundation) April 25, 2024
Developers at upcoming blockchains like Algorand should attend major networking events, such as Ethereum’s ETH Denver.
Networking events like this allow a blockchain to foster and develop relationships with other major web3 players.
Despite Algorand taking center stage at ETH Denver, Algorand’s price didn’t react much.
The token has been more or less glued to its 21DMA in the past few days, which is around $0.1930, and the ALGO price is currently just below it.
The Algorand (ALGO) price continues to subside following last week’s major spike. Source: TradingView
Wednesday’s sudden spike appears to have been a fake-out.
The Algorand price continues to hold to the north of a key technical level that could signal an imminent upside, however.
Here’s what to keep an eye on.
Algorand Price Prediction – Watch This Key Level
The Algorand price has lost bullish momentum since last week’s spike.
Indeed, it has even now fallen all the way back to last week’s opening levels.
The technical picture has brightened since last week, however, when the Algorand price surged above a downtrend that had been in play since mid-March.
Despite losing momentum in subsequent days, ALGO has been able to hold above this prior downtrend.
This downtrend appears to have flipped from resistance to support, and the ALGO price risks now appear tilted to the upside.
Despite losing momentum in subsequent days, the Algorand price has been able to hold above this prior downtrend. Source: TradingView
Of course, upcoming macro risks this week could dampen optimism and weigh on the price.
Recent data has shown inflation running uncomfortably hot in the USA, hurting the outlook for Fed rate cuts.
There are signs of a slowing economy, but this isn’t yet feeding into inflation.
This week’s US PMI/US jobs reports will be closely watched in the Fed rate cut debate context.
The Fed is also set to meet on Wednesday and is likely to reiterate its patience regarding cuts.
Macro may still be a headwind this week. And the above-noted optimistic technical outlook could easily break down if ALGO falls back to its April lows.
Can ALGO Reach $2.0?
Macro risks aside, things could fall into place for an altcoin rebound.
Ethereum gas fees recently hit six-month lows, a lead indicator of a possible altcoin rebound.
“Traders historically move between sentimental cycles of feeling that #crypto is going “To the Moon” or feeling that “It Is Dead”, which can be observed through transaction fees,” the crypto analytics firm Santiment argued. “The lack of demand and strain on the network may help turn $ETH and associated #altcoins around sooner…”
#Ethereum‘s average fee level has dipped to just $1.12 per network transaction, the lowest average cost in a day since October 18th.
Traders historically move between sentimental cycles of feeling that #crypto is going “To the Moon” or feeling that “It Is Dead”, which can… pic.twitter.com/8b8rLMLyIf
— Santiment (@santimentfeed) April 28, 2024
So, could the next altcoin pump launch the Algorand price all the way to $2?
Algorand’s market cap is currently around $1.5 billion. A 10x rally to a market cap of $15 billion is certainly not out of the question.
Algorand will need to see growth in its network activity and adoption to deserve such appreciation, however.
As per DeFi Llama, the blockchain currently has just below $180 million in trade value locked (TVL).
This will need to push above $1 billion for an ALGO rally to really get going.
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— Mega Dice Casino (@megadice) April 22, 2024
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$DICE has raised over $500,000 in presale so far!
Thank you to each and every one of you for being part of our journey!
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— Mega Dice Casino (@megadice) April 25, 2024
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The post Algorand Price Prediction as Community Gathers At ETH Boston – Can ALGO Reach $2? appeared first on Cryptonews.
