Algorand Price Prediction — Will ALGO Hit $4 Soon?
- Bullish ALGO price prediction is $0.7565 to $3.0360.
- The ALGO price will also reach $4 soon.
- ALGO bearish market price prediction for 2022 is $0.2160.
In Algorand’s (ALGO) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and much other information about ALGO to analyze the future movement of the cryptocurrency.
Algorand Current Market Status
According to CoinGecko, the price of ALGO is $0.446581 with a 24-hour trading volume of $137,136,419 at the time of writing. However, ALGO has decreased nearly 0.3% in the last 24 hours.
Moreover, ALGO has a circulating supply of 6,813,262,518,172 ALGO. Currently, ALGO trades in cryptocurrency exchanges such as Binance, OKX, Mandala Exchange, 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 2022
Algorand holds the 30th position on CoinGecko right now. ALGO price prediction 2022 is explained below with a weekly time frame.
The falling wedge is a bullish pattern. Together with the rising wedge formation, these two create a powerful pattern that signals a change in the trend direction. The falling wedge pattern occurs when the asset’s price is moving in an overall bullish trend before the price action corrects lower. The consolidation phase is used by the buyers to regroup and attract new buying interest, which will be used to defeat the bears and push the price action further higher.
Currently, ALGO is in the range of $0.446581. If the pattern continues, the price of ALGO might reach the resistance level of $0.9855 & 2.5450. If the trend reverses, then the price of ALGO may fall to $0.350.
Algorand (ALGO) Support and Resistance Level
The below chart shows the support and resistance level of ALGO.
From the above daily time frame, it is clear the following are the resistance and support levels of ALGO.
| Resistance Level 1 | $0.7565 |
| Resistance Level 2 | $1.4060 |
| Resistance Level 3 | $3.0360 |
| Support Level 1 | $0.4044 |
| Support Level 2 | $0.2160 |
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 $3.0360.
Accordingly, if the investors turn against the crypto, the price of the ALGO might plummet to almost $0.2160, a bearish signal.
Algorand Price Prediction 2022 — 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, the RVOL of ALGO lies below the cutoff line, indicating weaker participants in the current trend.
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 a level of 40.08. This means that ALGO is in a nearly oversold state. However, this means a major price reversal of ALGO may occur in the upcoming days. So, traders need to trade carefully.
Algorand Price Prediction 2022 — 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. 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. Currently, ALGO lies in the range of 30.3295, so it indicates a weak 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 lies above the 50 levels, indicating that the direction of volatility is high. In fact, ALGO’s RSI is at 40.08 the 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.
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 2022 is a good year for ALGO. For this reason, the bullish price prediction of Algorand in 2022 is $3.0360. On the other hand, the bearish ALGO price prediction for 2022 is $0.2160.
Furthermore, with the advancements and upgrades on the ALGO ecosystem, the performance of ALGO will help to reach above its current all-time high (ATH) $3.56 very soon. But, it might also reach $4 if the investors believe that ALGO is a good investment in 2022.
FAQ
Algorand is a decentralized network created to solve the blockchain trilogy of achieving simultaneous speed and security.
ALGO has listed on many crypto exchanges which include Binance, OKX, Bybit, FTX, and DigiFinex.
With the ongoing developments and upgrades within the ALGO platform, it has a high possibility of reaching its ATH soon.
On June 20, 2019, ALGO reached its new all-time high (ATH) of $3.56.
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 2022.
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 $4 soon.
Algorand (ALGO) price is expected to reach $3.5 by 2023.
Algorand (ALGO) price is expected to reach $4.8 by 2024.
Algorand (ALGO) price is expected to reach $8.50 by 2025.
Algorand (ALGO) price is expected to reach $12 by 2026.
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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Read more: https://thenewscrypto.com/algorand-algo-price-prediction
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
