Overall, ALGO’s immediate short-term target is its all-time high of $3.56, set on June 20, 2019
Algorand (ALGO) pushed higher despite a broader market dip led by Bitcoin, reaching levels not seen since June 2019. Over the past 24 hours the token climbed more than 30% versus the US dollar, while its value against Bitcoin rose by roughly 32%.
At the time of writing, ALGO is trading near $2.01, having pulled back from multi-year highs around $2.22 as some traders took profits. That selling pressure has moderated the immediate upswing, but bullish momentum remains intact.
Despite the short-term retracement from profit-taking, Algorand still appears poised for additional gains and could challenge new price levels in the coming days.
ALGO price outlook
ALGO/USD daily chart. Source: TradingView
Predicting exact price moves for any cryptocurrency is inherently uncertain due to high volatility and rapid shifts in market sentiment. Even so, a number of technical indicators and analyst commentary point toward further upside for ALGO.
Recent accumulation around the $2 zone, if sustained, should create upward pressure. The daily relative strength index (RSI) has not reached the highs seen in February 2021, suggesting room for continued appreciation. In addition, the upward slope of key moving averages supports the view of a bullish continuation.
In the short term, ALGO appears positioned to test the $3 level and could extend toward $3.50 if momentum continues. Should the advance pause, a retracement toward $1.73 is possible; some analysts consider $1.50 a strong support and a potentially attractive entry point on such a pullback.
$ALGO: I’m not saying that you should buy right here, it is resistance. But when a coin starts to do what #Algorand is doing in this current environment, it’s a buy IMO. I’d probably try for 1.50 as an entry. pic.twitter.com/6H49Cq5jlq
— Altcoin Sherpa (@AltcoinSherpa) September 8, 2021
What drove ALGO’s 50% jump?
On September 8, ALGO experienced a parabolic move, rallying over 50% in a single day—the largest one-day increase since August 2019. The surge followed news that Algorand would collaborate with Mexican crypto exchange Bitso and US-chartered bank Silvergate to support El Salvador’s Chivo wallet, a central element of the country’s Bitcoin adoption as legal tender.
That development reinforced Algorand’s fundamentals. Market commentators, including SkyBridge Capital founder Anthony Scaramucci, suggested ALGO could continue to run, comparing a potential autumn rally for Algorand to Solana’s summer performance.
It was #SolanaSummer. Now will it be #AlgoAutumn
— Anthony Scaramucci (@Scaramucci) September 9, 2021
Other market participants have highlighted Algorand’s technical utility, smart contract capabilities, and growing interest in NFTs as reasons it could attract investor attention. These factors, paired with strategic partnerships and on-chain developments, contribute to a bullish narrative—although, as always, investors should account for market risk and volatility.