Algorand Price Prediction 2021 – Will ALGO Hit $1.87 Soon?

Algorand Price Prediction 2021 - Will ALGO Hit $1.87 Soon?
  • Bullish ALGO price prediction ranges from $0.98 to $1.85.
  • The ALGO price might also reach $1.87.
  • ALGO bearish market price prediction for 2021 is $0.47.

In ALGO price prediction 2021, we use statistics, price patterns, ADX, and much other information about ALGO to analyze the future movement of the cryptocurrency. 

Algorand is a proof-of-stake (PoS) blockchain that supports smart contracts. The blockchain ensures that the influence of each user when choosing a new block is proportional to their participation in the system. The cryptocurrency on the Algorand blockchain is Algo. It’s aim to speed up transactions and improve efficiency, in response to the slow transaction times of other blockchains.

Current Market Status of Algorand (ALGO)

According to Coingecko, the price of Algorand is $0.81 with a 24-hour trading volume of $150,870,858 at the time of writing. However, ALGO has decreased by 3.3% in the last 24 hours.

Moreover, ALGO has a circulating supply of 3,145,616,906 ALGO coins. Currently, ALGO trades in cryptocurrency exchanges such as Coinbase, Binance, OKEx, Kraken, and Huobi.

Algorand (ALGO) Price Prediction 2021

Algorand (ALGO) holds the 40th position on CoinGecko right now. ALGO price prediction 2021 explained below with a daily time frame. 

ALGO/USDT Descending Channel Trend Pattern (Source: TradingView)

The descending channel trend is the price action that occurs between the upward and downward trendlines. In addition, lower highs and lows constitute this price pattern.

Currently, ALGO is waving at $0.8, which already crossed its breakout. After this, ALGO would continue to follow the pattern where the price chart would show uptrend. If the trend reverses, then the price of ALGO may fall to $0.63.

Algorand (ALGO) Support and Resistance Level

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

ALGO/USDT Support and Resistance Level (Source: TradingView)

From the above chart, it is observed that the following are the resistance and support levels of ALGO.

  • Resistance Level 1 – $0.98
  • Resistance Level 2 – $1.26
  • Resistance Level 3 – $1.87
  • Support Level 1 – $0.65
  • Support Level 2 – $0.47

The chart depicts the bearish performance of ALGO over the previous month. However, ALGO will follow a bullish pattern and will rise. On the contrary, if the trend reversed then ALGO might fall to $0.47 presenting a bearish signal.

Algorand (ALGO) Average Directional Index (ADX)

Let us now look at ALGO’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

ALGO/USDT ADX (Source:TradingView)

The above chart represents the ADX of ALGO lies in the range at 23.3, so it indicates a weak trend. 

Conclusion

The ALGO is one of the cryptos which is great for long-term investment. In addition, ALGO price prediction is bullish for a short-term. It has a good chance of reaching $1.26 within the end of this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the ALGO ecosystem, the performance of ALGO would rise reaching $1.26 very soon. But, it might also reach $1.87 if the investors believe that ALGO is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. The NewsCrypto team encourages all to do their own research before investing.

Recommended for You

Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.