Algorand Price Prediction – Will ALGO Hit $3 Soon?

Algorand Price Prediction

The bullish ALGO price forecast is $1.306 to $2.53. ALGO price will also reach $3 soon. The ALGO bearish market price forecast for 2022 is $0.22.

In Algorand (ALGO) 2022 price forecast, we use statistics, price patterns, RSI, RVOL and many other information about ALGO to analyze the future movement of the cryptocurrency.

Algorand Current Market Status

According to CoinGecko, ALGO’s price is $0.909 with 24-hour trading volume of $252,843,905 at the time of writing. However, ALGO is up nearly 1.5% in the past 24 hours.

In addition, ALGO has a circulating supply of 6,627,741,422 ALGO. Currently, ALGO trades cryptocurrency exchanges such as Binance, OKX, Bybit, FTX, and DigiFinex.

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 each user’s influence in choosing a new block is proportional to their participation in the system.

The cryptocurrency on the Algorand blockchain is Algo. It is designed to speed up transactions and improve efficiency, in response to the slow transaction times of other blockchains.

Algorand (ALGO) Price Forecast 2022

Algorand currently ranks 29th on CoinGecko. ALGO price forecast 2022 is explained below with a weekly time frame.

ALGO/USDT bearish channel pattern (Source: Tradingview)

Downtrend channel patterns are bearish in the short term in the sense that a stock moves lower within a downtrend channel, but they often form longer term uptrend as continuation patterns. The declining channel pattern is often followed by higher prices. but only after an upward penetration of the upper trendline. A bearish channel is drawn by connecting the lower tops and lower bottoms of a security’s price with parallel trendlines to show a downtrend.

Within a bearish channel, a trader can make a sell bet when the security price hits its resistance trendline. An ascending channel is the opposite of a descending channel. Both ascending and descending channels are primary channels, followed by technical analysts.

Currently, ALGO is in the $0.909 range. If the pattern continues, ALGO’s price may reach the USD 2.46 resistance level. If the trend reverses, ALGO’s price could drop to $0.801.

Algorand (ALGO) Support and Resistance Level

The chart below shows ALGO’s support and resistance level.

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

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

Resistance Level 1 – $1.306Resistance Level 2 – $2.53Support Level 1 – $0.66Support Level 2 – $0.42Support Level 3 – $0.22

The charts show that ALGO has been on a bullish trend for the past month. If this trend continues, ALGO could follow the bulls catching up to its resistance level at USD 2.53.

Accordingly, if the investors turn against the crypto, the price of the ALGO could drop to close to $0.22, a bearish signal.

Algorand Price Forecast 2022 — RVOL, MA and RSI

The relative volume (RVOL) of ALGO is shown in the graph below. It is an indicator of how the current trading volume has changed over time from the previous volume for traders. Currently, ALGO’s RVOL is below the boundary line, indicating weaker participants in the current trend.

In fact, ALGO’s moving average (MA) is shown in the chart above. Currently ALGO is in a bullish state. It is striking that the ALGO price is below 50 MA (short term), so completely on an upward trend. Therefore, there is a possibility of an ALGO reversal trend at any time.

Meanwhile, the ALGO’s relative strength index (RSI) is at the 68.67 level. This means that ALGO is in a near overbought state. However, this means that there could be a major price reversal of ALGO in the coming days. So traders should act with caution.

Algorand Price Forecast 2022 — ADX, RVI

Now let’s look at Algorand’s Average Directional Index (ADX). It helps to gauge the overall strength of the trend. The indicator is the average of the growing price range values. This system attempts to measure the strength of price movements in positive and negative directions using DMI indicators with ADX.

The chart above shows Algorand’s ADX. Currently ALGO is in the 25.75 range so it indicates a strong trend.

From the chart above, ALGO’s Relative Volatility Index (RVI). RVI measures the constant deviation of price changes over a period of time rather than price changes. ALGO’s RVI is above 50 levels, indicating that the direction of volatility is high. In fact, ALGO’s RSI is at the 68.67 level, confirming a potential buy signal.

Comparison of ALGO to BTC, ETH

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

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

From the chart above, we can see that 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 rises or falls, the price of ETH and ALGO also rises or falls, respectively.

Conclusion

With continuous improvements in the Algorand network, we can say that 2022 is a good year for ALGO. For this reason, Algorand’s bullish price forecast in 2022 is $2.53. On the other hand, the bearish ALGO price forecast for 2022 is $0.22.

Additionally, with the advancements and upgrades of the ALGO ecosystem, ALGO’s performance should help it rise above the current high (ATH) $1.30 very soon. But it can also reach $3 if the investors believe ALGO is a good investment in 2022.

FAQ

What is an algorithm?

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

Where can you buy ALGO?

ALGO has listed on many crypto exchanges, including Binance, OKX, Bybit, FTX, and DigiFinex.

Will ALGO reach a new ATH soon?

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

What is Algorand’s current all-time high (ATH)?

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

Is ALGO a good investment in 2022?

Algorand seems to be one of the top scoring cryptocurrencies this year. According to ALGO’s recorded performance in recent months, ALGO is considered a good investment in 2022.

Can Algorand (ALGO) reach $3?

Algorand (ALGO) is one of the active cryptocurrencies that continues to maintain its bullish status. Ultimately, if this bullish trend continues, Algorand (ALGO) will soon reach $3.

What will the ALGO prize be in 2023?

The price of Algorand (ALGO) is expected to reach $3.5 in 2023.

What will the ALGO price be in 2024?

The price of Algorand (ALGO) is expected to reach $4.8 in 2024.

What will the ALGO price be in 2025?

The price of Algorand (ALGO) is expected to reach $8.50 in 2025.

What will the ALGO price be in 2026?

The price of Algorand (ALGO) is expected to reach $12 in 2026.

Disclaimer: The opinion expressed in this chart is solely the author’s. It is not interpreted as investment advice. The NewsCrypto team encourages everyone to do their own research before investing.

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