Algorand (ALGO) Price Prediction 2023 — Will ALGO Hit $0.6 Soon?
- Bullish ALGO price prediction for 2023 is $0.2814 to $0.4543.
- Algorand (ALGO) price might also reach $0.6 soon.
- Bearish ALGO price prediction for 2023 is $0.1214.
In Algorand (ALGO) price prediction 2023, we will analyze the price patterns of ALGO by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
Algorand (ALGO) Current Market Status
| Current Price | $0.207834 |
| 24 – hour trading volume | $111,085,596 |
| 24 – hour price change | 6.8% down |
| Circulating supply | 7,116,283,424 |
| 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 crypto 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 40th position on CoinGecko right now. The overview of the Algorand price prediction for 2023 is explained below with a daily time frame.
The above chart of Algorand (ALGO) laid out an ascending triangle pattern. The ascending triangle is a characteristic pattern of an ongoing bullish trend. This triangle is formed by a horizontal upper trendline that connects the highs and a lower trendline that connects the rising lows.
If the trend breakout at the resistance level, the price will continue to move up in this ascending triangle pattern.
At the time of analysis, the price of Algorand (ALGO) was recorded at $0.2264. If the pattern trend continues, the price of ALGO might reach the resistance levels of $0.2385 and $0.3177. If the trend reverses, then the price of ALGO may fall to the support of $0.1801.
Algorand (ALGO) Resistance and Support Levels
The chart given below displays the possible resistance and support levels of Algorand (ALGO) in 2023.
From the above chart, we can analyze and identify the following as the resistance and support levels for Algorand (ALGO).
| Resistance Level 1 | $0.2814 |
| Resistance Level 2 | $0.4543 |
| Support Level 1 | $0.1846 |
| Support Level 2 | $0.1214 |
As per the above analysis, if Algorand’s (ALGO) bulls take the lead, it might hit and break through its resistance level of $0.4543. Conversely, if Algorand’s (ALGO) bears dominate the trend, the price of ALGO might plunge to $0.1214.
Algorand (ALGO) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Algorand (ALGO) are shown in the chart below.
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’s (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 52.76. This means that Algorand (ALGO) is neither in an oversold nor overbought state. However, a 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.
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 displayed the ADX of Algorand (ALGO). Currently, the ADX of ALGO lies in the range of 9.66 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 below closer to 50, indicating slightly lower volatility.
Comparison of ALGO with BTC, ETH
Let us now compare the price movements of Algorand (ALGO) with that of Bitcoin (BTC), and Ethereum (ETH).
From the above chart, we can interpret that 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 $1.5 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 investors for the next 3 years, ALGO would rally to hit $4.
Algorand (ALGO) Price Prediction 2027
If Algorand (ALGO) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 4 years, ALGO would rally to hit $5.
Algorand (ALGO) Price Prediction 2028
If Algorand (ALGO) sustains major resistance levels and continues to be recognized as a better investment option among 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
If Algorand (ALGO) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Algorand (ALGO) price prediction for 2023 is $0.4543. Relatively, the bearish Algorand (ALGO) price prediction for 2023 is $0.1214.
If there is a positive elevation in the market momentum and investors’ sentiment, Algorand (ALGO) might hit $0.6. With future upgrades and advancements in the Algorand ecosystem, ALGO might surpass its current all-time high (ATH) of $3.56 and mark its new ATH.
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)?
Traders can trade Algorand (ALGO) on the following cryptocurrency exchanges such as Binance, Coinbase Exchange, KuCoin, Upbit, and OKX.
3. Will Algorand (ALGO) reach a new ATH soon?
With the ongoing developments and upgrades within the Algorand platform, 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 $3.576.
5. What is the lowest price of Algorand (ALGO)?
According to CoinGecko, ALGO hit its all-time low (ATL) of $0.105336 on March 13, 2020.
6. Can Algorand (ALGO) reach $0.6?
If Algorand (ALGO) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $0.6 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 $4 by 2026.
10. What will be Algorand (ALGO) price by 2027?
Algorand (ALGO) price is expected to reach $5 by 2027.
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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.
Read more: https://thenewscrypto.com/algorand-algo-price-prediction
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
