- Bullish ALGO price prediction for 2023 is $0.1408 to $0.1846.
- Algorand (ALGO) price might reach $0.5 soon.
- Bearish ALGO price prediction for 2023 is $0.0805.
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 | $0.1236 |
| 24-Hour Trading Volume | $44,242,564 |
| 24-Hour Price Change | 4.32% up |
| Circulating Supply | 7,382,549,561 |
| All – Time High | $3.2802 (On June 21, 2019) |
ALGO Current Market Status (source: CoinMarketCap)
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 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) ranks 44th on CoinMarketCap in terms of its market capitalization. The overview of the Algorand Price prediction for 2023 is explained below with a daily time frame.
ALGO/USDT Descending Channel Pattern (Source: TradingView)
In the above chart, Algorand (ALGO) laid out a descending channel pattern, also known as the falling channel. A descending channel is formed by two parallel trendlines. The upper trendline, which joins the highs, and the lower trendline, which joins the lows, run parallelly downwards. This pattern is characteristic of a bearish market.
At the time of analysis, the price of Algorand (ALGO) was recorded at $0.1179. If the pattern trend continues, then the price of ALGO might reach the resistance levels of $0.4571, and $0.7776. If the trend reverses, then the price of ALGO may fall to the support of $0.0944.
Algorand (ALGO) Resistance and Support Levels
The chart given below displays the possible resistance and support levels of Algorand (ALGO) in 2023.
ALGO/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as the resistance and support levels for Algorand (ALGO).
| Resistance Level 1 | $0.1408 |
| Resistance Level 2 | $0.1846 |
| Support Level 1 | $0.1071 |
| Support Level 2 | $0.0805 |
As per the above analysis, if Algorand’s (ALGO) bulls take the lead, then it might hit and break through its resistance level of $0.1846.
Conversely, if Algorand’s (ALGO) bears dominate the trend, the price of ALGO might plunge to $0.0805.
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.
ALGO/USDT RVOL, MA, RSI (Source: TradingView)
The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in identifying unusual trading activity and changes in market sentiment.
At the time of analysis, the RVOL of Algorand (ALGO) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.
The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).
Notably, in the above chart, the ALGO price lies below 50 MA (short-term), indicating its downtrend. Hence, ALGO is in a bearish state. Although this is the current state, a trend reversal might occur.
Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state.
Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.
At the time of analysis, the RSI of ALGO is at 40.59. Therefore, this indicates ALGO is in an nearly oversold state.
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.
ALGO/USDT ADX, RVI (Source: TradingView)
To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.
According to the data on the above chart, the ADX of ALGO lies in the range of 21.68 pointing out a weak trend.
The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of ALGO lies below 50, indicating low 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).
BTC Vs ETH Vs ALGO Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of ALGO is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of ALGO also increases or decreases respectively.
Algorand (ALGO) Price Prediction 2024-2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Algorand (ALGO) between 2024 and 2030.
Algorand (ALGO) Price Prediction 2024
If bulls dominate the price momentum and trend patterns, then Algorand (ALGO) might successfully test and surpass its resistance levels to hit $1 by 2024.
Algorand (ALGO) Price Prediction 2025
The significant upgrades in the Algorand ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Algorand (ALGO) price to reach $2 by 2025.
Algorand (ALGO) Price Prediction 2026
If Algorand (ALGO) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $3.
Algorand (ALGO) Price Prediction 2027
If Algorand (ALGO) sustains major resistance levels and stands as a better investment option in the market, then ALGO would rally to hit $4.
Algorand (ALGO) Price Prediction 2028
If Algorand (ALGO) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then ALGO would hit $5 by 2028.
Algorand (ALGO) Price Prediction 2029
If investors flock in and continue to place their bets on Algorand (ALGO), then the crypto would witness major spikes. Hence, ALGO might hit $6 by 2029.
Algorand (ALGO) Price Prediction 2030
By 2030, the ALGO price might rally to $7 if the trend momentum aligns in favor of Algorand. Furthermore, ALGO would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.
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 $0.1846. Comparatively, the bearish Algorand (ALGO) price prediction for 2023 is $0.0805.
If there is a positive elevation in the market momentum and investors’ sentiment, then Algorand (ALGO) might hit $0.5. Furthermore, with future upgrades and advancements in the Algorand ecosystem, ALGO might surpass its current all-time high (ATH) of $3.28 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 buy Algorand (ALGO)?
Traders can trade Algorand (ALGO) on the following cryptocurrency exchanges such as Binance, OKX, Bybit, Deepcoin, and Bitrue.
3. Will Algorand (ALGO) record a new ATH soon?
With the ongoing developments and upgrades within the Algorand platform, Algorand (ALGO) has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Algorand (ALGO)?
Algorand (ALGO) hit its current all-time high (ATH) of $3.28 On June 21, 2019.
5. What is the lowest price of Algorand (ALGO)?
According to CoinMarketCap, ALGO hit its all-time low (ATL) of $0.1024 On March 13, 2020.
6. Will Algorand (ALGO) hit $0.5?
If Algorand (ALGO) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $0.5 soon.
7. What will be the Algorand (ALGO) price by 2024?
Algorand (ALGO) price might reach $1 by 2024.
8. What will be the Algorand (ALGO) price by 2025?
Algorand (ALGO) price might reach $2 by 2025.
9. What will be the Algorand (ALGO) price by 2026?
Algorand (ALGO) price might reach $3 by 2026.
10. What will be the Algorand (ALGO) price by 2027?
Algorand (ALGO) price might reach $4 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.