**Algorand Price Shows Recovery and Potential for Upside**
The price of Algorand (ALGO) has seen a 6% rally in the past 24 hours, reaching $0.1079 as of 5 a.m. EST. Over the past seven days, ALGO has increased by 14%. While ALGO remains bearish on longer timeframes, trading lower than its price six months ago and its opening price on January 1st, it has shown a remarkable recovery in the past 10 days, rising by 25%. The trading volume for ALGO has also increased by over 70% in the last 24 hours, making it one of the top 100 most traded cryptocurrencies.
**Technical Setup Indicates Potential Upside**
The technical setup for Algorand suggests that it is poised for a significant upward movement. Tom Crown, founder and CEO of CrownAnalysis, posted a chart showing that ALGO is trading near a key resistance level. Breaking this level could lead to a bullish chart pattern. To secure an uptrend, the bulls need to push the price above the resistance zone ranging from $0.11 to $0.12.
**Positive Outlook Supported by Moving Averages and RSI**
Algorand’s positive outlook is supported by upward-moving averages and the Relative Strength Index (RSI). The moving averages indicate that there are more buyers than sellers in the market, while the RSI shows strength at 68, suggesting a tight grip by buyers. If the RSI crosses the 70 line into the overbought region, ALGO’s upward trajectory will gain momentum.
**Potential Downside if Resistance Zone Holds**
If ALGO turns down from its current levels, it could face overhead resistance from the aforementioned zone. In this case, Algorand may drop towards the 100-day Exponential Moving Average (EMA) at $0.105 and later to the 50-day EMA at $0.096. Losing this foothold could lead to a drop towards the psychological level at $0.095 and a revisit of the swing low at $0.087.
**Opportunity for Low-Risk Investment in Meme Kombat**
While the future of Algorand remains uncertain due to the volatility of crypto prices, there are low-risk investment opportunities in new cryptocurrencies like Meme Kombat. Meme Kombat is a meme coin that combines gaming and gambling in the cryptocurrency industry. By allowing staked tokens to be used as gambling chips, participants can earn from staking and have the chance to win big in the battle arena. Priced at $0.1667, Meme Kombat can be purchased with ETH, BNB, or USDT.
**Closing Thoughts: Meme Kombat’s Potential**
The online gambling industry is expected to reach a market size of $95 billion by 2023, and crypto is playing a significant role in its growth. Meme Kombat combines gambling, gaming, and meme coins, making it a potentially successful venture. With its ongoing presale already raising over $800,000 and aiming for a $1 million target, Meme Kombat has the potential to surpass leading meme coins like Dogecoin and Shiba Inu in terms of valuation.
**Source:** [Original Article](https://www.fxstreet.com/cryptocurrencies/news/algorand-price-prediction-algo-set-for-a-16-move-up-if-this-hurdle-is-flipped-asap-202310291044)
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