cryptocurrency

Algorand (ALGO) Price Prediction 2022 – Will ALGO Hit $5 Soon?

  • ALGO bullish price forecast is $0.3631 to $3.360.
  • Algorand (something) The price may also hit $5 soon.
  • The bearish ALGO price prediction for 2022 is $0.2035.

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

Algorand (ALGO) Current Market Status

according to Queen GekkoAlgorand (ALGO) price is $0.296342 with a 24-hour trading volume of $53,718,748 at the time of writing. However, ALGO is down about 1.4% in the last 24 hours.

Furthermore, Algorand (ALGO) has a circulating supply of 6,899,154,240 ALGO. Currently, Algorand (ALGO) trades on crypto exchanges such as Binance, FMFW.io, Coinbase Exchange, KuCoin and Upbit.

What is Algorand (ALGO)?

Algorand (ALGO) is the original cryptocurrency of the Algorand ecosystem. Algorand is an open source decentralized blockchain based on smart contracts. ALGO launched in 2019 after launching its main network. Like Ethereum, Algorand owns the Algorand Virtual Machine (AVM). Algo smart contracts allow users to develop various dApps on the blockchain.

Algorand operates on the basis of a Proof of Stake (PPoS) consensus mechanism along with the Byzantine Convention Protocol. PPoS was introduced to the blockchain space by Algorand founder Silvio Micali. The blockchain follows “algorithmic randomness” to select validators and validators thus justifying its name Algorand.

Users get to participate in the governance of the blockchain either by holding or suspending ALGO. ALGO holders receive approximately 7.5% APY in passive income for holding these tokens. Facilitates fast, efficient and sustainable transactions at lower costs. Algorand helps solve the blockchain trilogy: decentralization, security, and scalability.

Algorand (ALGO) Price Forecast 2022

Algorand (ALGO) occupies the 33rd position on CoinGecko at the moment. ALGO’s price forecast for 2022 is explained below with a daily time frame.

The Algorand chart above (ALGO) drew a falling wedge pattern. In a falling wedge pattern, the upper trend line connecting the highs and the lower trend line connecting the lows converge to the bottom. A wedge pattern generally indicates a trend reversal. In particular, a falling wedge indicates a bullish reversal. This pattern indicates a breakout in the upward trend of the price. From the above chart, we can interpret that the downtrend momentum is slowing down.

Currently, Algorand (ALGO) is in the $0.296342 range. If the pattern continues, ALGO price could reach the resistance levels of $0.3784, $0.6501, $0.9506 and $1.8123. If the trend reverses, ALGO price could drop to $0.2684.

Algorand Support and Resistance Levels (ALGO)

The chart below shows the support and resistance levels in Algorand (ALGO).

Something 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 US$0.3631
resistance level 2 $0.7565
resistance level 3 1.4060 USD
resistance level 4 $3,360
Support level 0.2035 USD
ALGO RESISTANCE AND SUPPORT LEVEL

The charts show that Algorand (ALGO) has performed an upward trend over the past month. If this trend continues, ALGO may work in tandem with the bulls taking out the $3.0350 resistance level.

Accordingly, if investors turn on the cryptocurrency, the price of Algorand (ALGO) could drop to close to $0.2035, which is a bearish sign.

Algorand (ALGO) Price Forecast 2022 – 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 is below the cutoff line, indicating the weakness of participants in the current trend.

Also, the moving average (MA) of the Algorand (ALGO) is shown in the above chart. Notably, Algorand (ALGO) price is below 50 MA (short term), so it is in a downtrend. Currently, ALGO is in a downturn. Therefore, there is a possibility of ALGO trend reversal at any time.

Meanwhile, the relative strength index (RSI) for ALGO is 38.29. This means that Algorand (ALGO) is almost in an oversold state. However, this means that a major ALGO price reversal may occur in the coming days. Therefore, traders need to trade carefully.

Algorand (ALGO) Price Forecast 2022 – ADX, RVI

Let’s now look at the Average Directional Index (ADX) from Algorand (ALGO). It helps to measure the overall strength of a trend. The indicator is the average of the values ​​of the expanding price range. This system attempts to measure the strength of price action in positive and negative trends using DMI indicators with ADX.

The chart above represents the ADX indicator for Algorand (ALGO). Currently, ALGO’s ADX is in the 46.0864 range, therefore, it is indicating a strong trend.

The chart above also represents the Algorand’s relative volatility index (RVI) (ALGO). RVI measures the continuous deviation of price changes over a period of time. ALGO’s RVI is above 50, indicating high volatility. In fact, the Algorand Relative Strength Index (ALGO) is at 38.29 confirming a possible buy signal.

Comparison of ALGO, BTC and ETH

The chart below shows a 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 moving in a similar direction. This indicates that when the price of ETH and BTC rises or falls, the price of ALGO also increases or decreases, respectively.

Algorand (ALGO) Price Forecast 2023

If the price action decline completely slows down in momentum and the trend reverses, Algorand (ALGO) Likely to make $6.5 by 2023.

Algorand (ALGO) Price Forecast 2024

With several network upgrades, Algorand (ALGO) may enter an upward trajectory. If the coin catches the attention of major investors, ALGO could rise to $7.5 by 2024.

Algorand (ALGO) Price Forecast 2025

If Algorand (ALGO) maintains key resistance levels and continues to be recognized as a better investment option among investors over the next three years, ALGO will rise to $8.5.

Algorand (ALGO) Price Forecast 2026

If Algorand (ALGO) maintains key resistance levels and continues to be recognized as a better investment option among investors over the next four years, ALGO will rise to $9.5.

Algorand (ALGO) Price Forecast 2027

If Algorand (ALGO) maintains key resistance levels and continues to be recognized as a better investment option among investors over the next five years, ALGO will rise to $10.5.

Algorand (ALGO) Price Forecast 2028

If Algorand (ALGO) holds a strong position as a better investment option for the next six years, it could see significant price hikes. Thus, by 2028, the price of ALGO will reach $11.5.

Algorand (ALGO) Price Forecast 2029

If investors flock and continue to place their bets on Algorand (ALGO), this will see huge gains. ALGO could reach $12.5 by 2029.

Algorand (ALGO) Price Forecast 2030

With greater developments in the Algorand ecosystem, the crypto community may continue to invest in Algorand (ALGO) over the next eight years and drive the price of the token significantly higher. Thus, the price of Algorand (ALGO) could reach $13.5 by 2030.

conclusion

With the continuous improvements in the Algorand network, we can say that 2022 is a good year for ALGO. For this reason, the bullish price forecast for Algorand (ALGO) in 2022 is $3.0360. On the other hand, the bearish price forecast for Algorand (ALGO) for 2022 is $0.2035.

Furthermore, with advancements and upgrades in the Algorand ecosystem, ALGO’s performance will help it reach an all-time high (ATH) of $3.56 very soon. But, it could also be $5 if investors think ALGO is a good investment in 2022.

Instructions

1. What is Algorand (ALGO)?

Algorand (ALGO) is the original cryptocurrency of Algorand, an open source decentralized blockchain. Algorand operates on a pure Proof of Stake (PoS) consensus.

2. Where can you buy Algorand (ALGO)?

Algorand (ALGO) is listed on several cryptocurrency exchanges including Binance, FMFW.io, Coinbase Exchange, KuCoin, and Upbit.


3. Will Algorand (ALGO) reach a new ATH soon?

With continuous developments and updates within the Algorand platform, Algorand (ALGO) has a high potential to reach ATH soon.

4. What is the all-time current altitude (ATH) of Algorand (ALGO)?

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

5. Is Algorand (ALGO) a good investment in 2022?

Algorand (ALGO) appears to be one of the most profitable cryptocurrencies this year. According to Algorand’s achievements in the past few months, ALGO is a good investment in 2022.

6. Can Algorand (ALGO) make $5?

Algorand (ALGO) is one of the active cryptocurrencies that continues to maintain its bullish state. Finally, if this uptrend continues, Algorand (ALGO) will reach $5 soon.

7. What will be the price of Algorand (ALGO) by 2023?

The price of Algorand (ALGO) is expected to reach $6.5 by 2023.

8. What will be the price of Algorand (ALGO) by 2024?

The price of Algorand (ALGO) is expected to reach $7.5 by 2024.

9. What will be the price of Algorand (ALGO) By 2025?

The price of Algorand (ALGO) is expected to reach $8.5 by 2025.

10. What will be the price of Algorand (ALGO) By 2026?

The price of Algorand (ALGO) is expected to reach $9.5 by 2026.

Disclaimer: The opinion expressed in this graph is that of the author only. Not to be construed as investment advice. TheNewsCrypto team encourages everyone to do their own research before investing.

recommended to you

#Algorand #ALGO #Price #Prediction #ALGO #Hit

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button