Algorand Price Prediction: ALGO is on the brink of hitting $1 for the first time since 2019
|- Algorand price is contained inside an ascending parallel channel which could break soon.
- Positive announcements by Algorand in the past week can push the digital asset above the critical point.
- ALGO bulls aim for a price target of $1 in the near future.
Algorand has been trading in a robust and steady uptrend since December 31, 2020. The digital asset has formed an ascending parallel channel on the 12-hour chart and aims to see a breakout in the short-term thanks to several positive announcements.
Algorand partners with Xfinite to create a blockchain-based media ecosystem
Algorand has just announced a partnership with Xfinite, a next-generation media platform, to create a blockchain-based media ecosystem. The strategic partnership aims to bring mass adoption to the blockchain media industry. W. Sean Ford, COO of Algorand stated.
Xfinite has a visionary understanding of how blockchain can be leveraged for new opportunities in the media industry. Broad blockchain adoption can only be achieved through the creation of products that are tangible and inclusive for any consumer, no matter what region they are in or what their background may be. With major partnerships with organizations that have millions of users, we are excited to support Xfinite’s new applications and welcome them to the Algorand community.
Algorand price can see a massive 40% breakout in the short-term
Algorand has established an ascending parallel channel on the 12-hour chart and it’s close to a breakout above the crucial resistance level at $0.76. Climbing above this point will drive Algorand price towards $1, which is a 40% move, calculated using the height of the pattern.
ALGO/USD 12-hour chart
This breakout can happen in the short-term thanks to the positive announcement and partnership with Xfinite. The current price of ALGO is close to the breakout point of $0.76 as it is trading at $0.71.
ALGO/USD 1-hour chart
However, on the 1-hour chart, losing the 50-SMA support level at $0.69 will be a bearish sign that would push Algorand price down to a support trendline at $0.65. Losing this trendline can quickly drive ALGO below $0.60.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.