- Bullish ALGO price prediction is $0.2885 to $1.4167.
- Algorand (ALGO) price might also reach $3 soon.
- Bearish ALGO price prediction for 2022 is $0.2503.
Algorand (ALGO) Current Market Status
What is Algorand (ALGO)?
Algorand (ALGO) is the native cryptocurrency of the Algorand ecosystem. Algorand is an open-source decentralized blockchain based on smart contracts. ALGO was launched in 2019 following its mainnet launch. Like Ethereum, Algorand owns its native Algorand Virtual Machine (AVM). Algo smart contracts enable users to develop various dApps on the blockchain.
Algorand works based on the pure proof of stake (PPoS) consensus mechanism combined with Byzantine agreement protocol. PPoS was introduced to the blockchain space by Algorand’s founder Silvio Micali. The blockchain follows “algorithmic randomness” to select its validators and verifiers and thus justifying its name Algorand.
Users get to participate in the governance of the blockchain either by just holding ALGO or staking it. ALGO holders receive nearly 7.5% APY as passive income on holding these tokens. It facilitates fast, efficient, and sustainable transactions at lower costs. Algorand aids to resolve the blockchain trilemma: decentralization, security, and scalability.
Algorand (ALGO) Price Prediction 2022
The above chart of ALGO laid out the Horizontal channel pattern, also known as the sideways trend. In order to indicate how the price is constrained between the upper line of resistance and lower line of support, horizontal channels are trend lines that join changeable price highs and lows.
Currently, Algorand (ALGO) is in the range of $0.246. If the pattern continues, the price of ALGO might reach the resistance levels of $0.4430. If the trend reverses, then the price of ALGO may fall to $0.2503.
Algorand (ALGO) Support and Resistance Levels
The chart below shows the support and resistance levels of Algorand (ALGO).
From the above daily time frame, we can clearly interpret the following as the resistance and support levels for Algorand (ALGO).
- Resistance Level 1 – $0.4580
- Resistance Level 2 – $0.7606
- Resistance Level 3 – $1.4167
- Support Level – $0.2730
Accordingly, if the investors turn against crypto, the price of Algorand (ALGO) might plummet to almost $0.2730, a bearish signal.
Algorand (ALGO) Price Prediction 2022 — RVOL, MA, and RSI
The Relative Volume (RVOL) of Algorand (ALGO) is shown in the chart below. It is an indicator of how the current trading volume has changed over a period of time from the previous trading volume. Currently, the RVOL of ALGO lies below the cutoff line, indicating weaker participants in the current trend.
Also, the Moving Average (MA) of Algorand (ALGO) is shown in the chart above. Notably, Algorand (ALGO) price lies below 50 MA (short-term), so it is in a downtrend. Currently, ALGO has entered a bearish state. Therefore, there is a possibility of a reversal trend of ALGO at any time.
Meanwhile, the relative strength index (RSI) of the ALGO is 39.45. This means that Algorand (ALGO) is in a nearly oversold state. However, this means a major price reversal of ALGO may occur in the upcoming days. So, traders need to trade carefully.
Algorand (ALGO) Price Prediction 2022 — ADX, RVI
Let us now look at the Average Directional Index (ADX) of Algorand (ALGO). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
The above chart also represents the Relative Volatility Index (RVI) of Algorand (ALGO). RVI measures the constant deviation of price changes over a period of time. The RVI of ALGO lies below 50, indicating low volatility. In fact, the RSI of Algorand (ALGO) is at 39.45, thus confirming a potential sell signal.
Comparison of ALGO with BTC, ETH
The below chart shows the price comparison between Bitcoin (BTC), Ethereum (ETH), and Algorand (ALGO).
From the above chart, we can interpret that the price actions ALGO is dissimilar to BTC and ETH. This indicates that when the price of BTC and ETH increases, the price of ALGO decreases. And when the price of BTC and ETH decreases, the price of ALGO increases.
Algorand (ALGO) Price Prediction 2023
If the declining price action completely slows down in momentum and the trend reverses, Algorand (ALGO) might probably attain $5 by 2023.
Algorand (ALGO) Price Prediction 2024
Algorand (ALGO) Price Prediction 2025
Algorand (ALGO) Price Prediction 2026
Algorand (ALGO) Price Prediction 2027
Algorand (ALGO) Price Prediction 2028
If Algorand (ALGO) holds up a strong stance as a better investment option for the next 6 years amid the trends in the highly-volatile crypto market. By driving significant price rallies, ALGO would hit $15 in 2028.
Algorand (ALGO) Price Prediction 2029
Algorand (ALGO) Price Prediction 2030
With greater advancements in the Algorand Ecosystem, the crypto community might continue to invest in ALGO for the next 8 years and drive significant price rallies for the token. Hence, Algorand (ALGO) might hit $19 by 2030.
With continuous improvements in the Algorand network, we can say that 2022 is a good year for ALGO. For this reason, the bullish price prediction of Algorand (ALGO) in 2022 is $1.4167. On the other hand, the bearish price prediction of Algorand (ALGO) price prediction for 2022 is $0.2503.
Furthermore, with the advancements and upgrades to the Algorand ecosystem, the performance of ALGO would help to reach above its current all-time high (ATH) of $3.56 very soon. But, it might also reach $3 if the investors believe that ALGO is a good investment in 2022.
Algorand (ALGO) is the native cryptocurrency of Algorand, an open-source decentralized blockchain. Algorand operates based on the pure proof-of-stake (PoS) consensus.
Algorand (ALGO) has been listed on many crypto exchanges which include Binance, Coinbase Exchange, KuCoin, Upbit, OKX and FTX.
With the ongoing developments and upgrades within the Algorand platform, Algorand (ALGO) has a high possibility of reaching its ATH soon.
On June 20, 2019, Algorand (ALGO) reached its new all-time high (ATH) of $3.56.
Algorand (ALGO) price is expected to reach $5 by 2023.
Algorand (ALGO) price is expected to reach $7 by 2024.
Algorand (ALGO) price is expected to reach $9 by 2025.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not interpret as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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