Algorand (ALGO) Price Prediction 2023 — Will ALGO Hit $0.8 Soon?

Algorand (ALGO) Price Prediction 2022 — Will ALGO Hit $3 Soon?
  • 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) 
ALGO Current Market Status (source: CoinGecko)

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.

ALGO /USDT Horizontal channel Pattern (Source: Tradingview)

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).

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$0.2814
Resistance Level 2$0.4543
Resistance Level 3$0.7594
Support Level $0.1635
ALGO /USDT Support and Resistance Levels

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.

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 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.

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 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).

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

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

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.

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 2023?

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.

6. Can Algorand (ALGO) reach $0.3?

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 $0.3 soon.

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

Algorand (ALGO) price is expected to reach $1 by 2024.

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

Algorand (ALGO) price is expected to reach $3 by 2025.

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

Algorand (ALGO) price is expected to reach $5 by 2026.

10. What will be Algorand (ALGO) price by 2027?

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.

A dedicated writer who shows her interest in writing all sorts of content about the cryptocurrency market in NewsCrypto. She is an enthusiastic reader and writer with passion for sharing crypto news and trends.