Algorand (ALGO) Price Prediction 2022 — Will ALGO Hit $3 Soon?

Algorand (ALGO) Price Prediction 2022 - Will ALGO Hit $5 Soon?
  • Bullish ALGO price prediction is $0.4578 to $1.4060.
  • Algorand (ALGO) price might also reach $3 soon.
  • Bearish ALGO  price prediction for 2022 is $0.2724.

In Algorand (ALGO) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and other information about ALGO to analyze the future movement of the cryptocurrency. 

Algorand (ALGO) Current Market Status

According to CoinGecko, the price of Algorand (ALGO) is $0.338005 with a 24-hour trading volume of $256,161,615 at the time of writing. However, ALGO has increased by nearly 8.1% in the last 24 hours.

Moreover, Algorand (ALGO) has a circulating supply of 6,927,212,692 ALGO. Currently, Algorand (ALGO) trades in cryptocurrency exchanges such as Binance, Coinbase Exchange, KuCoin, Upbit, OKX and FTX.

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

Algorand (ALGO) holds the 31th position on CoinGecko right now. ALGO price prediction 2022 is explained below with a daily time frame.

ALGO /USDT falling wedge Pattern (Source: Tradingview)

The above chart of Algorand (ALGO) laid out a Falling Wedge pattern. In a falling wedge pattern, both the upper trend line which connects the highs and the lower trend line which connects the lows converge downwards. The wedge pattern in general indicates a trend reversal. Especially, the falling wedge signals a bullish reversal. This pattern indicates a breakout in the price trend towards an upswing. From the above chart, we can interpret that the momentum of the downtrend is slowing down.

Currently, Algorand (ALGO) is in the range of $0.3098. If the pattern continues, the price of ALGO might reach the resistance levels of $0.9855, and $2.5450. If the trend reverses, then the price of ALGO may fall to $0.4300 and $0.2755.

Algorand (ALGO) Support and Resistance Levels

The chart below shows the support and resistance levels of Algorand (ALGO).

ALGO /USDT Support and Resistance Levels (Source: Tradingview)

From the above daily time frame, we can clearly interpret the following as the resistance and support levels for Algorand (ALGO). 

Resistance Level 1$0.4578
Resistance Level 2$0.7565
Resistance Level 3$1.4060
Support Level $0.2724
ALGO Resistance & Support Level

The charts show that Algorand (ALGO) has performed a bullish trend over the past month. If this trend continues, ALGO might run along with the bulls overtaking its resistance level at $1.4060.

Accordingly, if the investors turn against crypto, the price of Algorand (ALGO) might plummet to almost $0.2724, 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 above the cutoff line, indicating strong participants in the current trend.

ALGO /USDT RVOL, MA, RSI (Source: Tradingview)

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 51.40. This means that Algorand (ALGO) is in an overbought 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.

ALGO /USDT ADX, RVI (Source: Tradingview)

The above chart represents the ADX of Algorand (ALGO). Currently, the ADX of ALGO lies in the range of 10.3374 and thus, it indicates a weak trend. 

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 above 50, indicating high volatility. In fact, the RSI of Algorand (ALGO) is at 51.40, 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).

BTC Vs ETH Vs ALGO  Price Comparison (Source: Tradingview)

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

With several upgrades in the network, Algorand (ALGO) might enter a bullish trajectory. If the coin grabs the attention of major investors, ALGO might rally to hit $7 by 2024. 

Algorand (ALGO) Price Prediction 2025

If Algorand (ALGO) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 3 years, ALGO would rally to hit $9.  

Algorand (ALGO) Price Prediction 2026

If Algorand (ALGO) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 4 years, ALGO would rally to hit $11. 

Algorand (ALGO) Price Prediction 2027

If Algorand (ALGO) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 5 years, ALGO would rally to hit $13.

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

If investors flock in and continue to place their bets on Algorand (ALGO), it would witness major spikes. ALGO might hit $17 by 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.

Conclusion

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 $1.4060. On the other hand, the bearish price prediction of Algorand (ALGO) price prediction for 2022 is  $0.2724.

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.

FAQ

1. What is Algorand (ALGO)?

Algorand (ALGO) is the native cryptocurrency of Algorand, an open-source decentralized blockchain. Algorand operates based on the pure proof-of-stake (PoS) consensus.

2. Where can you purchase Algorand (ALGO)?

Algorand (ALGO) has been listed on many crypto exchanges which include Binance, Coinbase Exchange, KuCoin, Upbit, OKX and FTX.

3. Will Algorand (ALGO) reach a new ATH soon?

With the ongoing developments and upgrades within the Algorand platform, Algorand (ALGO) has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of Algorand (ALGO)?

On June 20, 2019, Algorand (ALGO) reached its new all-time high (ATH) of $3.56.

5. Is Algorand (ALGO) a good investment in 2022?

Algorand (ALGO) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of Algorand in the past few months, ALGO is considered a good investment in 2022.

6. Can Algorand (ALGO) reach $3?

Algorand (ALGO) is one of the active cryptos that continues to maintain its bullish state. Eventually, if this bullish trend continues then Algorand (ALGO) will hit $3 soon.

7. What will be Algorand (ALGO) price by 2023?

Algorand (ALGO) price is expected to reach $5 by 2023.

8. What will be Algorand (ALGO) price by 2024?

Algorand (ALGO) price is expected to reach $7 by 2024.

9. What will be Algorand (ALGO) price by 2025?

Algorand (ALGO) price is expected to reach $9 by 2025.

10. What will be Algorand (ALGO) price by 2026?

Algorand (ALGO) price is expected to reach $11 by 2026.

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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