Algorand Price Prediction as Community Gathers At ETH Boston – Can ALGO Reach $2?

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 last down around 2% on Monday just below $0.19, having been briefly 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.

It’s important for developers at upcoming blockchains like Algorand to attend major networking events, such as Ethereum’s ETH Denver.

Networking events like this are an opportunity for a blockchain to foster and develop relationships with other major web3 players.

Despite Algorand taking center stage at ETH Denver, the Algorand price appears not to care much.

The token has been more of less glued to its 21DMA in the past few days. The 21DMA was last around $0.1930, the ALGO price is currently just below.

Wednesday’s sudden spike appears to have been a fake-out.

However, the Algorand price continues to hold to the north of a key technical level that could signal an imminent upside.

Here’s what to keep an eye on.

Algorand Price Prediction – Watch This Key Level

Yes, 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.

However, the technical picture has brightened since last week.

That’s because, last Wednesday, the Algorand price was able to surge above a downtrend that had been in play going all the way back to 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. ALGO price risks now appear to be tilted to the upside.

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 context of the Fed rate cut debate.

The Fed is also set to meet on Wednesday and is likely to reiterate patience when it comes to cuts.

Macro may remain 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 be falling into place for an altcoin rebound.

Ethereum gas fees recently hit six-month lows, a lead indicator of a possible altcoin rebound.

That’s according to analysis from Santiment. The crypto analytics firm argued that “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 lack of demand and strain on the network may help turn $ETH and associated #altcoins around sooner…”

So, could the next altcoin pump launch the Algorand price all the way to $2?

Well, 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.

Although, Algorand will need to see growth in its network activity and adoption to deserve “said” appreciation.

The blockchain currently has a just below $180 million in trade value locked (TVL), as per DeFi Llama.

This will need to push above $1 billion for an ALGO rally to really get going.

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