- Bullish ALGO price prediction is $0.2814 to $0.7594.
- Algorand (ALGO) price might also reach $0.8 soon.
- Bearish ALGO price prediction for 2023 is $0.1635.
In Algorand (ALGO) price prediction 2023, 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
| Current Price | $0.2492 |
| 24 – hour trading volume | $144,193,786 |
| 24 – hour price change | 3.8% up |
| Circulating supply | 7,199,260,909 |
| All – Time High | $3.56 (On June 20, 2019) |
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 2023
Algorand (ALGO) holds the 37th position on CoinGecko right now. ALGO price prediction 2022 is explained below with a daily time frame.
The above chart of Algorand (ALGO) laid out a Horizontal channel pattern. Horizontal channel also known as the sideways trend. In general, the horizontal channel is formed during the price consolidation. In this pattern, the upper trendline, the line which connects the highs, and the lower trendline, line which connects the lows, run horizontally parallel and the price action is contained within it.
A horizontal channel is often regarded as one of the suitable patterns for timing the market as the buying and selling points are in consolidation.
Currently, Algorand (ALGO) is in the range of $0.2404. If the pattern continues, the price of ALGO might reach the resistance levels of $0.2417, and $0.3617. If the trend reverses, then the price of ALGO may fall to $0.1982 and $0.1623.
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 | $0.2814 |
| Resistance Level 2 | $0.4543 |
| Resistance Level 3 | $0.7594 |
| Support Level | $0.1635 |
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 $0.7594.
Accordingly, if the investors turn against crypto, the price of Algorand (ALGO) might plummet to almost $0.1635, a bearish signal.
Algorand (ALGO) Price Prediction 2023 — 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 weak 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 64.66. This means that Algorand (ALGO) is in an nearly 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 2023 — 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 represents the ADX of Algorand (ALGO). Currently, the ADX of ALGO lies in the range of 30.87 and thus, it indicates a strong 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 64.66 thus confirming a potential buy 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 the price changes of ETH, BTC and ALGO are moving in a similar trend. This indicates that when the price of ETH and BTC increases or decreases, the price of ALGO also increases or decreases respectively.
Algorand (ALGO) Price Prediction 2024-2030
Numerous factors are taken into account when forecasting prices including volume changes, price variations, market cycles, and similar coins. Let’s predict the price of Algorand (ALGO) between 2024 and 2030.
Algorand (ALGO) Price Prediction 2024
If the declining price action completely slows down in momentum and the trend reverses, Algorand (ALGO) might probably attain $1 by 2024.
Algorand (ALGO) Price Prediction 2025
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 $3 by 2025.
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 3 years, ALGO would rally to hit $5.
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 4 years, ALGO would rally to hit $7.
Algorand (ALGO) Price Prediction 2028
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 $9
Algorand (ALGO) Price Prediction 2029
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 $11 in 2029.
Algorand (ALGO) Price Prediction 2030
If investors flock in and continue to place their bets on Algorand (ALGO), it would witness major spikes. ALGO might hit $13 by 2030.
Conclusion
With continuous improvements in the Algorand network, we can say that 2023 is a good year for ALGO. For this reason, the bullish price prediction of Algorand (ALGO) in 2023 is $0.7594. On the other hand, the bearish price prediction of Algorand (ALGO) price prediction for 2023 is $0.1635.
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 $0.8 if the investors believe that ALGO is a good investment in 2022.
FAQ
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.
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) 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 2023.
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 $0.3 soon.
Algorand (ALGO) price is expected to reach $1 by 2024.
Algorand (ALGO) price is expected to reach $3 by 2025.
Algorand (ALGO) price is expected to reach $5 by 2026.
Algorand (ALGO) price is expected to reach $7 by 2027.
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.
