Algorand Price Prediction – Will ALGO Price Hit $10 in 2021?

This Algorand (ALGO) Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our ALGO price analysis and prediction.

The crypto world seems to be in a good mood in the past few months. In fact, the current market capitalization of the whole crypto market amounts to almost $2 trillion. Indeed, a whopping number that can’t be ignored by financial investors around the world.

Algorand (ALGO) is one of the digital assets in the crypto market that contributes to the success of the crypto world. Currently, the crypto ranks as one of the top 50 cryptocurrencies in CoinGecko, a decent rank within the crypto industry.

In terms of technology, ALGO is a platform that revolutionizes the traditional financial industry with its blockchain technology. Recently, ALGO partnered with Società Italiana degli Autori ed Editori (SIAE) to provide security to its authors’ rights. As a result, ALGO launches over 4 million NFTs that represent over 95,000 SIAE members’ rights.

Nevertheless, the crypto market is moving sideways lately, and most cryptos are losing their previous gains. Is the scenario the same as the ALGO price? We’ll find out shortly in this ALGO price analysis 2021 article. But first, let’s have a look at what ALGO is.

What Is Algorand (ALGO)?

Algorand Coin (ALGO) is the native digital currency token of the Algorand Chain. Moreover, Algorand Chain is an open-source blockchain developed by the Algorand trading, payment, and financial services firm.

Algorand Chain is one of the products in Algorand’s lineup of solutions developed to accelerate the global adoption of cryptocurrencies. Moreso, the ALGO blockchain serves primarily as a vehicle that provides the Algorand Pay mobile payments app.

In the future, Algorand plans to grow the reach of the ALGO platform to power its other products. Currently, the top crypto trading platforms for ALGO are Huobi Global, OKEx, HBTC, Xtheta Global, and CoinTiger

Do you think this market performance of ALGO could make it a profitable cryptocurrency this year? Are you curious to find out? In this case, let’s head to the charts and find out in this CoinQuora ALGO price prediction 2021 article.

ALGO Current Market Status

ALGO is one of the most active and most talked about digital assets in the crypto world. As a result, ALGO trades a high price of over $0.84 with a 12-month growth rate of almost +154%. Truly, this is a performance that should not be overlooked in the crypto world.

If this performance keeps going, ALGO might level up it’s crypto ranking closer to the top 10 cryptos. Indeed, this is possible if the bullish market remains with the crypto throughout the year. If it does, the market capitalization of the crypto may reach the bullish amount of $5-$6 billion. Truly, an amount favored by investors and traders around the world.

Algorand Price Analysis 2021

Currently, ALGO holds 42nd place on CoinGecko. But will the recent changes and development in the blockchain help the digital currency price to reach higher? Let’s proceed to the charts in this ALGO price prediction article.

In the chart above, which is set in a daily time frame, we can see the Descending Triangle pattern. This is an important indicator since ALGO has been showing bearish over the past month. Consequently, the descending triangle pattern hints that ALGO will finally go bearish

In the foreseeable future, we can say that ALGO has a higher chance of going bearish than bullish. As shown above, at the beginning of this month, ALGO turned from its bear to bull trend. This is the result of the high trade volume that occurred in that period.

As shown above, at the beginning of this, ALGO turned from its bear-to-bull trend. This shows a high trade volume that happened during that period. The Relative Strength Index (RSI) is at 50.13, which means that ALGO is in neither an overbought nor oversold state.

Therefore, traders must trade wisely and must not be affected by the market hype. With this in mind, traders must be cautious in investing to avoid unexpected losses due to the crypto market’s wild swings

Let us also take a look at the Simple Moving Average (SMA) and the Exponential Moving Average (EMA).

Since the start of 2021, ALGO’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by fluctuations, consolidation, and corrections right away. Taking this into consideration, ALGO has a competitive market this 2021.

Algorand Price Prediction 2021

The chart below shows that ALGO has performed great over the past few days. If this trend continues, ALGO might run along with the bulls, overtaking its $1.4 resistance level and climb higher.

Conversely, if the investors turn against the crypto, the bears might take over and dethrone ALGO from its uptrend position. In simpler terms, the price of ALGO might plummet to almost $0.67, a bearish signal.

Meanwhile, our long-term ALGO price prediction 2021 is bullish. It has a high possibility of surpassing its current all-time-high (ATH) at about $3.56 this year. However, that will only happen if it breaks many previous psychological resistances.

Algorand Price Prediction 2022

If this bullish trend continues, ALGO will reach $2 by the end of 2022. Moreover, the first half of 2022 is going to show fast growth, up to $2.5. Then this rise will slow down, but no major falls are expected. With upcoming, partnerships, and developments reaching $2 is quite optimistic in the price point of view but undoubtedly feasible for the near future.

Algorand Price Prediction 2023

The price of ALGO can move even great heights, however reaching $5.5 Moreover, this is possible only if the market maintains its bullish trend. In addition, only if the cryptocurrency ALGO breaks past the psychological resistance level.

Algorand Price Prediction 2024

As per the latest upgrades, developments, ALGO price prediction, and new project forecasts of the platform. Moreover, this might boost the price of ALGO in the crypto market, and it will be the best investment as the price can spike and reach around $8.

Algorand Price Prediction 2025

In the next four years, ALGO prices could race up to $15. However, reaching this level could not be so difficult for ALGO as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that ALGO has a high possibility of reaching a new ATH soon in the next five years as per the prediction.

Conclusion

ALGO has a bright future ahead of it from 2021 to 2025. With ongoing developments happening within the ALGO ecosystem, as well as in the overall crypto market, we may see ALGO reach new heights.

Meanwhile, our long-term ALGO price prediction for 2021 is bullish. In addition, it has a high possibility of surpassing over $1.4 and may reach above $2 this year. However, that will only happen if it breaks past many psychological resistances. As said above, ALGO may even reach $10 if investors have decided that ALGO is a good investment in 2021, along with mainstream cryptocurrencies like Bitcoin and Ethereum.

FAQ

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies. 

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