Algorand Price Prediction — Will ALGO Hit $2.5 Soon?

Algorand Price Prediction
  • Bullish ALGO price prediction is $1.82 to $2.52.
  • ALGO price will also reach $2.5 soon.
  • ALGO bearish market price prediction for 2021 is $0.82.

In Algorand (ALGO) price prediction 2021, we use statistics, price patterns, RSI, RVOL, and much other information about ALGO to analyze the future movement of the cryptocurrency.

ALGO Current Market Status

According to coingecko, the price of ALGO is $1.77 with a 24-hour trading volume of $353,524,307 at the time of writing. However, ALGO has decreased to 0.2% in the last 24 hours.

Moreover, ALGO has a circulating supply of 6,256,689,316 ALGO. Currently, ALGO trades in cryptocurrency exchanges such as Binance, Mandala Exchange, OKEx, FTX, and Huobi Global.

What is Algorand (ALGO)?

Algorand(ALGO) refers to an open source blockchain protocol that represents a network 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 was designed to speed up transactions and improve efficiency, in response to the slow transaction times of other blockchains.

Algorand (ALGO) Price Prediction 2021

Algorand holds the 20th position on CoinGecko right now. ALGO price prediction 2021 explained below with a weekly time frame.

ALGO/USDT Ascending Channel Trend Pattern (Source: Tradingview)

An ascending channel is a pattern made up of two uptrend lines drawn above and below the price which indicate resistance and support levels. This is a bullish chart pattern defined by a trendline supporting the series of higher lows and a diagonal resistance level connecting the higher highs. While on the channel, prices should jump  upper and lower ranges. When such reversals occur, the method is more reliable.

Currently, ALGO is at $1.75. If the pattern continues, the price of ALGO might reach the resistance level to $2.52 and $2.9. If the trend reverses, then the price of ALGO may fall to $0.82.

Algorand (ALGO) Support and Resistance Level

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

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

From the above daily time frame, it is clear the following are the resistance and support levels of ALGO.

Resistance Level 1$1.82
Resistance Level 2$2.12
Resistance Level 3$2.52
Support Level 1$1.54
Support Level 2$1.15
Resistance & Support Levels

The charts show that 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 $2.52.

Accordingly, if the investors turn against the crypto, the price of the ALGO might plummet to almost $1.15, a bearish signal.

Algorand Price Prediction 2021 — RVOL, MA, and RSI

The Relative Volume (RVOL) of ALGO is shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. Currently, RVOL of ALGO lies below the cutoff line, indicating weaker participants in the current trend.

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

More so, the ALGO’s Moving Average (MA) is shown in the chart above. Currently, ALGO is in a bearish state. Notably, the ALGO price lies below 50 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of ALGO at any time.

Meanwhile, the relative strength index (RSI) of the ALGO is at level 44.79. This means that ALGO is in a neither overbought nor oversold state. However, this means a major price reversal of ALGO may occur in the upcoming days.

Algorand Price Prediction 2021 — ADX, RVI

Let us now look at Algorand’s Average Directional Index (ADX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. ADX is a component of the Directional Movement System. This system attempts to measure the strength of price movement in the upward and downward directions using DMI indicators with ADX.

ALGO/USDT ADX, RVI (Source: TradingView)

The above chart represents the ADX of Algorand. Currently, ALGO lies in the range at 41.19, so it indicates a strong trend.

From the above chart, the Relative Volatility Index (RVI) of ALGO. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of ALGO is below the 50 level, indicating that the direction of volatility is low. In fact, ALGO’s RSI is at the 44.79 level thus confirming a potential sell signal.

Comparison of ALGO with BTC, ETH

The below chart shows the price comparison between Bitcoin, Ethereum and Algorand.

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

From the above chart, we can identify the trend of the ETH, BTC and ALGO is moving at the same level as the trend. This indicates that when the price of BTC increases or decreases, the price of ETH and ALGO also increases or decreases respectively.

Conclusion

With continuous improvements in the Algorand network, we can say that 2021 is a good year for ALGO. For this reason, the bullish price prediction of Algorand in 2021 is $2.9. On the other hand,  the bearish ALGO price prediction for 2021 is $0.82.

Furthermore, with the advancements and upgrades on the ALGO ecosystem, the performance of ALGO would rise reaching $2.12 very soon. But, it might also reach $2.5 if the investors believe that ALGO is a good investment in 2021.

FAQ

What is an Algorand?

Algorand is a decentralized network created to solve the blockchain trilogy of achieving simultaneous speed and security.

Where can you purchase ALGO?

ALGO has listed on many crypto exchanges which include Binance, Mandala Exchange, OKEx, FTX, and Huobi Global.

Will ALGO reach a new ATH soon?

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

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

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

Is ALGO a good investment in 2021?

Algorand seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of ALGO in the past few months, ALGO is considered a good investment in 2021.

Can Algorand (ALGO) reach $2.5?

Algorand (ALGO) is one of the active crypto that continues to maintain its Bullish state. Eventually, if this bullish trend continues then Algorand (ALGO) will hit $2.5 soon.

What will be the ALGO price by 2022?

Algorand (ALGO) price is expected to reach $2.65 by 2022.

What will be the ALGO price by 2023?

Algorand (ALGO) price is expected to reach $4.80 by 2023.

What will be the ALGO price by 2024?

Algorand (ALGO) price is expected to reach $8.50 by 2024.

What will be the ALGO price by 2025?

Algorand (ALGO) price is expected to reach $12 by 2025.

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.

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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.