Algorand price prediction: the market could be about to soar to record-setting highs, and ALGO might just be the surprise star of the upcoming surge. In this effect, ALGO could make a huge leap higher and tag trader’s profits with it.
Today, Algorand price is hovering around $1.13, according to price data on CoinMarketCap. The price remains off the closely-watched $2 per ALGO, but the fully diluted market cap of $10.1 billion is noted. The circulating supply of ALGO is around 3.45 billion out of a total supply of 5.7 billion.
Now, for accurate ALGO price predictions, we’ll consider both the technical and fundamentals of the cryptocurrency that is said to be on track to outpace at least two-thirds of the market. Famed crypto AI-powered forecasts have predicted attractive figures with the data to back their forecast.
Algorand Price Prediction: Technical Analysis
Since the start of August 2021, Algorand (ALGO) has continued its rally since the second half of the month, with Bitcoin price prediction and Ethereum price prediction rallying to clear all-time highs. Again, the old-timers are leading the market higher, but uncertainty looms ahead. ALGO is moving into a choppy area from $1.0 to $1.25 and will need to clear the $1.23 resistance level to prove that it can catch up with top-performing coins.
Looking forward, if ALGO can break key resistance, we should keep an eye on its holdings, as they can give this coin an extra boost from good fundamentals. One interesting metric is RSI, which is currently at the 51.77 area. Next, RSI will need to confirm a bullish phase change with a daily close above 65. Additionally, ALGO needs to clear the already-tested 50-level and hold in order to advance towards the highs.
As the chart above shows, RSI has stretched back and forth 40-70, it is generally indicative of trendless price action. On 18th and 19th August, RSI bottomed near 40, and we see a significant support level confirmed. The technical here are providing us with early technical signs of an uptrend; ALGO price predictions are looking incredibly bullish at this point.
The best indication of ALGO’s next direction lies in the broad market outlook, and that’s looking seriously attractive, with Bitcoin trending north of $50,000 at this time. The chart below draws the price data of Bitcoin to chart comparison of Bitcoin and Algorand.
More about Technical Analysis
As it clearly shows, there is a positive correlation between Bitcoin price action and the movements on ALGOs end. It is hard to dispute how well these two move together. Since November 2020, Bitcoin has been moving higher much more rapidly than in Algorand, but ALGO has not been that far behind.
Understandably, the reason for this movement is because Bitcoin holds a competitive advantage with stronger fundamentals and mainstream media attention, but Algorand makes quite the case for adoption. That, in turn, should propel ALGO stronger, but the price action has been stubborn. However, the bullish move on Bitcoin’s side should be treated as a signal for further strength in ALGO to come.
Should Bitcoin rise further, you need to know that ALGO is approaching a significant resistance level at $1.25, which should clear during a period of BTC strength. ALGO will have its moment. It benefits from bullish sentiments on Bitcoin; that’s it for now. The market is secular at heart, so that should not worry traders, but ignoring the fact will cost you money.
The key to accurate ALGO price predictions is to keep an eye on Bitcoin. If Bitcoin trends are higher, that will keep ALGO prices in check. Throw in a more resilient market later this year and into 2022, and you’ll see traders flocking to ALGO.
ALGO Price Prediction: Market Opinions
Could ALGO divorce itself from Bitcoin’s hold? Not only has the technical indicators turned positive, indicative that LAGO might soon be going at it alone. Algorand price prediction are mainly bullish, and as the analysis above shows, these forecasts are well-founded.
TradingBeast offers plenty of superlatives to support the idea that ALGO could be trending north of $1.9 by December 2021. In that effect, ALGO could build a strong momentum to return to a historic high, perhaps even burst through to record-setting prices beyond $2.
Gov.Capital is bullish on the future of ALGO. The Algorand price prediction in a year is $2.4 and $12 within five years. Bursting pasting $2 will be significant on ALGO’s side, considering it is a strong resistance level. The custom algorithm pulls forecast based on historical price patterns, among other inputs. With that, an investment today could almost double by next year.
WalletInvestor also offers a flittering figure, $2.6 by the end of Q2 2022. This forecast is still well within a threshold to at least double investor income. It was building on the analysis that ALGO is showing a rising tendency with significant trend-building momentum to burst key resistance levels.
DigitalCoin offers an ALGO price prediction that gives a glimpse of the future. According to this forecast, ALGO could find smooth sailing this year, ending the year at around $1.74. Based on the prediction that ALGO could reach $2.1 by 2022, perhaps investors should anticipate some turbulence ahead. Yet, the forecast reveals ALGO will be valued at $4 within five years.
At the same time, TuataraW20 paints a bullish picture of the future of ALGO. The pro-crypto-market analyst builds his argument on the bullish momentum exhibit within the last trading days. With ALGO getting closer to the golden ratio in the Fibonacci retracement, the best is yet to come for Algorand price prediction.
The Signalyst proposes that trades wait from a break out past $1.25 as a signal for a bullish move. Once the possible support level is retested and confirmed, the forecast projects ALGO bursting through historic highs to settle just above $2.
Latest News and Happening Concerning Algorand (ALGO)
Recently, Arrington Capital – a digital asset management firm – announced a planned investment into Algorand-based initiatives, which is valued at $100 Million. The size and scale of the project offer a clear indication of the confidence in Algorand’s potential to merge the principles of traditional finance and decentralized systems. With that, investors can anticipate significant growth and adoption of ALGO as use cases and adoption grows.
On the same note, Y Combinator, an accelerator famous for its work in Airbnb, Stripe, DoorDash, and Coinbase, among others, is baking a project built on Algorand, which seeks to disrupt the real estate market. Lofty will build a tokenized, AI-powered marketplace to allow users to invest and earn income from real estate units.
Another real estate project built on Algorand; QuantmRE will leverage the ecosystem to launch a blockchain-based real estate marketplace. The platform will allow users to access the equity in off-market, owner-occupied residential homes without the burden of monthly payments or additional debt.
Algorand Price Prediction: Verdict
Algorand price predictions are backed by good signals both on the technical and fundamentals desk. As the crypto builds momentum to ALGO Price predictions, it makes sense to list Algorand as a solid buy before the market takes off to the moon.