Algorand (ALGO) analysis – Crucial buying opportunities to watch in the coming days

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:

Algorand has surged by nearly 20% over the last 5 days or so.

The bullish run is going to continue, and investors can buy-in.

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.

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