The FIFA World Cup is nearby. The Algorand token (ALGO/USD) may be in the spotlight as Algorand is the official blockchain partner of the remarkable global event. This platform will supply FIFA with blockchain-enabled wallet solutions, apart from onward publicity. Algorand could power the digital assets of FIFA, including its official crypto and NFTs.
Moreover, this blockchain network showed enhanced in-chain activities ahead of the FIFA World Cup next month. The overall TVL value is now at $303.2 million, which has almost doubled in the past three weeks as on Oct 7, which was $175 million. Algorand is the crypto to observe in the next bull cycle, as CoinJournal reported previously.
ALGO price also surges upside with in-chain activities enhancement. There are 7.06B ALGO in circulation, representing 71% of the overall supply. Algorand price today is trading 3.2% higher in the last 24 hours, while the current market cap is $2,382,772,589.
Let’s see the Algorand (ALGO) Price Prediction from the ALGO/USD technical analysis:
ALGO/USDT Faces A Strong Buying Pressure
The broader outlook of ALGO/USD is corrective as the recent selling pressure has become questionable with the long consolidation for five months. It is a clear sign of an order-building process, which could increase the possibility of a trend reversal.
The daily chart shows the current price of ALGO/USDT is above the critical support level of 0.2791. Therefore, as long as the price trades above this level, the primary outlook of this instrument is to look for a long opportunity. Moreover, the buying pressure is baked by a bullish break-of-structure and new swing high formation at the 0.4104 level. Bulls who made the structure break could come again and join the sentiment with a lower price.
According to the Fixed Range High Volume Indicator, the highest volume level from September high to the October low is 0.3197, from where a bullish rejection appeared. Moreover, the dynamic 20 EMA is still below the current price and providing support.
The indicator window shows an emerging RSI level, which shows a rebound from the neutral 50% level. In that case, there is a higher possibility that the RSI could rise to the 70% area, leading to buying pressure in the ALGO/USD price.
Based on the current daily Algorand Price Prediction, the buying possibility is potent, and any bullish rejection from 0.3197 to 0.2863 could validate the bullish possibility. In that case, the ultimate target for the buying pressure is 0.4104 before approaching the 0.7860 level.
The alternative approach is to wait for the price to break below 0.2800 and hold the daily candle, which could extend the selling pressure toward the 0.2600 area.
ALGO/USD Ichimoku Cloud Analysis
The Ichimoku Cloud is a unique Indicator to provide a trend-trading opportunity where the current H4 outlook of the ALGO/USD price is bullish. After passing a considerable time below the Ichimoku Kumo Cloud, bulls made a strong breakout with a retest of the cloud support. In that case, the current outlook has changed from bearish to bullish, where a bullish trend trading opportunity is valid.
In the future cloud, Senkou Span B is below A, which indicates that short-term bulls are more active in the market than medium-term investors. Moreover, the current price has a stable bullish momentum above the dynamic Kijun Sen support level, from where buying pressure may extend.
The indicator window shows the ADX level, where the current reading is 28.66. As long as the ADX is above the 20.00 level, the price may extend the trending movement with a trend trading opportunity.
Based on the ALGO price prediction, the current outlook of this instrument is bullish until an H4 candle comes below the 0.3197 level. Further buying pressure from the dynamic Tenkan Sen or Kijun Sen could open a bullish opportunity, targeting the 0.4104 level.
The alternative approach is to find the price below the 0.3100 level before aiming for the 0.2600 area.
ALGO/USD Intraday Price Action Analysis
In the intraday price action, the buying pressure in this instrument is backed by multiple higher lows, which is a sign of minor demand areas within a bullish trend.
The visible range high volume indicator also shows buying pressure as it is below the current price. Another factor signaling an upside momentum is the rising moving average and weekly VWAP. The price moved down below these dynamic levels and formed a fresh swing low at 0.3197 but reversed immediately.
The traders' dynamic index indicator also shows a bullish continuation opportunity, as the current TDI level is above the 50% area and aimed higher.
Based on the current outlook, this pair's bullish possibility is valid as it trades above the 0.3197 level. However, breaking below the 0.3100 level could invalidate the current buying possibility.
Is ALGO/USD A Buy?
Based on the current Algorand Forecast, this token is the potential to show a 21% price surge to the near-term resistance level. Moreover, the FIFA world cup is approaching, and any fundamental development could increase buyers' presence in this instrument.