In case you have been thinking of adding Algorand (ALGO) into your portfolio, then the coming days could present some decent buying opportunities. This applies to both short-term and long-term plays as well. Before we get to the analysis, here are the main facts:
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Algorand has surged by nearly 20% over the last 5 days or so.
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The bullish run is going to continue, and investors can buy-in.
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There are several buying zones you can consider to earn decent returns.
Data Source: Tradingview
Algorand (ALGO) – Buying zones to watch
After surging over the last few days, Algorand has faced massive resistance at $0.9. In fact, it seems the price has stagnated here, but the coin is continually testing this zone in a huge way. We expect there will be some bullish momentum to take the price action above $0.9.
When that happens, it would be a good time to buy. But in case you don’t want to face the risk of a trend reversal, you can watch $1.1. After $0.9, the $1.1 mark will be ALGO’s next big test. If indeed the coin is able to rise above that, then it is likely going to surge past $1.4 in the near term.
However, this bullish thesis will become null and void if ALGO falls below $0.8. We however don’t see this happening in the days ahead unless something major happens in the broader crypto market.
Why you Should buy Algorand (ALGO)
Algorand (ALGO) has had a very volatile time since it debuted in the market in 2019. The coin has fallen massively below its ICO price which was at $2.4. But there is still a lot of value that Algorand can offer.
It is likely that the coin will regain some of this upward momentum and reclaim the $2.4 price before the end of the year. That will be over 100% in gains from the current price.