PRICE PREDICTION
- Bullish ALGO price prediction is $1.306 to $2.53.
- ALGO price will also reach $3 soon.
- ALGO bearish market price prediction for 2022 is $0.22.
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 $0.909 with a 24-hour trading volume of $252,843,905 at the time of writing. However, ALGO has increased nearly 1.5% in the last 24 hours.
Moreover, ALGO has a circulating supply of 6,627,741,422 ALGO. Currently, ALGO trades in 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 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 29th position on CoinGecko right now. ALGO price prediction 2022 is explained below with a weekly time frame.
Descending channel patterns are short-term bearish in that a stock moves lower within a descending channel, but they often form longer-term uptrends as continuation patterns. The descending channel pattern is often followed by higher prices. but only after an upside penetration of the upper trend line. A descending channel is drawn by connecting the lower highs and lower lows of a security’s price with parallel trendlines to show a downward trend.
Within a descending channel, a trader could make a selling bet when the security price reaches 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 range of $0.909. If the pattern continues, the price of ALGO might reach the resistance level of $2.46. If the trend reverses, then the price of ALGO may fall to $0.801.
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 – $1.306
- Resistance Level 2 – $2.53
- Support Level 1 – $0.66
- Support Level 2 – $0.42
- Support Level 3 – $0.22
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 $2.53.
Accordingly, if the investors turn against the crypto, the price of the ALGO might plummet to almost $0.22, 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 bullish state. Notably, the ALGO price lies below 50 MA (short-term), so it is completely in an upward 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 level 68.67. This means that ALGO is in a nearly overbought 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 25.75, so it indicates a strong 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 68.67 level thus confirming a potential buy 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 $2.53. On the other hand, the bearish ALGO price prediction for 2022 is $0.22.
Furthermore, with the advancements and upgrades on the ALGO ecosystem, the performance of ALGO would help to reach above its current all-time high (ATH) $1.30 very soon. But, it might also reach $3 if the investors believe that ALGO is a good investment in 2022.