Algorand Price Prediction, will ALGO’s price hit $0.35?
Algorand’s price at the same time last week was $0.15. It has moved by -16.47% in the past week and is currently at $0.12. Infact, in the past 24 hours, ALGO has dumped by -8.84%. There is a slight bearish sentiment in the crypto market. The long term sentiment, however, remains bullish and ALGO could hit $0.31 in 2024.
The total circulating supply of Algorand as of writing this article was $7249072807.64 and the marketcap of ALGO remains at $888,263,687.
Disclaimer
For some coins with little to no data points and inexistent historical data the model by default will show a positive price prediction. There is no way for our AI bot to decipher whitepaper, tokenomics and team integrity. The coin's price that you are about to see below can fall drastically depending on many factors, so please invest wisely after checking the team and project's whitepaper. This current price prediction is done by a machine crunching numbers and the model is still in the early beta stages. It should strictly not be taken as an investment advice. Although the best engineers are currently tweaking and updating the algorithm, no human has verified the price predicted below, so please use your discretion and make a decision wisely.
About Algorand
Algorand: An overview
Algorand is an open-source blockchain that enables improved scalability without compromising on the fronts of decentralization and sustainability.
While also offering Smart contract functionality, Algorand opens doorways for dApps. This function makes the blockchain useful for financial services, Decentralized Finance (DeFi), institutions, and ultimately for the users.
The project was founded in 2017 by Professor Silvio Micali, a computer scientist from MIT.
The blockchain deploys a Pure proof-of-stake (PPoS) consensus protocol that selects validators at random as per the weight of their staked ALGO coins.
Interestingly, the key to Algorand's scalability comes from its Pure Proof of Stake consensus mechanism. This protocol allows it to process many transactions quickly without sacrificing decentralization.
Proof of Stake (PoS) blockchains are practically scalable but often at the cost of a small number of validators. These validators can have large stakes and can dominate block approvals. Then how does Algorand solve this problem?
Unlike PoS blockchains, Algorand doesn’t require a minimum stake. This makes it feasible for an average user to take part in the validation process. Thus, the network's security is theoretically more decentralized than other mechanisms.
In stepping up its efforts to solve the blockchain trilemma, Algorand could set the stage for a reliable, fast, sustainable blockchain in the coming times.
Tracing ALGO's journey
ALGO is the native coin of Algorand's blockchain. Its primary use cases lie in staking, governance, and paying transaction fees on the blockchain. The coin has a maximum total supply of 10 billion to be distributed by 2030.
After the launch of its Mainnet in June 2019, its native crypto ALGO has witnessed a roller-coaster-like journey while depicting a high correlation with Bitcoin.
After starting 2020 on a bullish note, the $0.25-$0.28 support range set the foundation for ALGO's buying renewal. As a result, the coin registered consistent gains for the coming two years until its November 2021 ATH. Owing to a 78-80% correlation with the king coin on average, ALGO plunged alongside the broader market fallout.
This descent has propelled a retest of its multi-year support in the $0.28 zone. With the macroeconomic conditions not being favorable for risk assets in the market, the sellers would likely aim to constrict the buying rallies in the short-medium term.
Prospects of ALGO tapping into its potential
- IN-NETWORK UPGRADES
In September last year, the blockchain announced the launch of the Algorand Virtual Machine. In essence, it was a layer-1 protocol upgrade designed to enhance decentralized app scalability for developers and organizations. Moreover, it also enhanced transaction finality speed.
Recently, Algorand also introduced cross-chain communication and transaction speed improvements with the latest upgrade to its protocol. It announced the implementation of State Proofs. State Proofs enable Algorand's blockchain to interoperate in a decentralized way with other blockchains.
(From a security POV: it will prevent quantum computers [when they may emerge] from retroactively forking the chain.)
Most importantly, this upgrade increased Algorand’s processing speed from 1100/1200 to 6,000 TPS.
As a consequence of various developments since last September, ALGO’s development activity has been on a consistent uptrend for over a year now. The price, however, did not seem to be sensitive to this metric’s movement owing to the broader investor sentiment.
Furthermore, the blockchain aims to achieve immediate transaction finality. By leveraging the 'block pipelining' concept, Algorand could increase the TPS to 46000. The users should keep a close eye on these updates to gauge improved social sentiment.
- DeFi GROWTH
The momentum continued as the network witnessed the introduction of Algomint, the next-generation DeFi infrastructure. This project bridged popular assets to and from other blockchains to the Algorand blockchain. By striving to solve the interoperability problem, Algomint could further bolster the network's DeFi growth.
In the meantime, Algorand marked a robust growth in its Total Value Locked (TVL) over the last year. A consistent growth on this front unveiled the underlying uptick in the users' interest.
- TIE-UP WITH FIFA
The blockchain network joined hands with FIFA delineating a technical partner deal as it became the football association’s first official blockchain platform.
Algorand assisted FIFA in developing a “digital asset strategy,” by simply utilizing its blockchain for building non-fungible tokens (NFTs). FIFA recently launched its digital collection powered by Algorand. This opens gateways for fans to have an opportunity to actually 'own' the greatest moments in football.
Despite the above developments, Algorand marked a consistent decline in the network's total number of active users. Not surprisingly, the broader market crash has led to a solid drop in active addresses as most of the investors liquidated their holdings.
To top this off, the broader sentiment only seemed to worsen after the deteriorating macroeconomic conditions. But should the wider conditions improve, the network seemed to have made enough progress on its development side to accommodate a potential surge in demand.
Algorand (ALGO) Price Analysis
ALGO saw exponential growth on its charts during 2020-21. The buyers induced a rally above the 20 EMA (red) and the 50 EMA (cyan) and flipped them to support. Consequently, the coin touched its multi-yearly highs on 18 November 2021 in the $2.9 region.
ALGO Weekly Chart
After the broader market pulldown, ALGO's decline saw an over 90% depreciation as it fell toward the $0.25-$0.28 support range. The token could now seek to rebound from its multi-yearly lows as the decline has plateaued and found a break above the current pattern.
This bearish rally entailed a descending broadening wedge on the weekly chart. The coin could see a streak of green candles as it snapped the constraints of its long-term trendline resistance. But it was yet to prove its buying edge as the price struggled to jump above the 20 EMA.
An eventual break above the $0.39 resistance and the 20 EMA could pave a path for near-term growth. In this case, potential targets would lie in the $0.59-$0.65 range before a likely reversal.
However, a break below the $0.28 baseline would reaffirm the bearish bias while propelling the coin to test the $0.202 support before a bullish revival.
The Relative Strength Index (RSI) exhibited a vigorous selling edge after consistently hovering in the bearish region since January 2022. A potential break above the 43-mark resistance could affirm chances of recovery in the coming times.
Moreover, the MACD lines depicted a slight increase in buying power but they were yet to cross the zero mark to confirm a change in momentum.
Should you consider buying ALGO?
Taking a long-term perspective, Algorand saw an impressive feat of in-DeFi and In-network developments.
Additionally, Its partnership with FIFA and Napster over the last few months has further reaffirmed the network's capability to create useful utilities in sports and music.
With the Federal reserve alongside prominent European central banks increasing interest rates, the broader conditions seemed dicey. The buyers should look for a potential close above the 20 EMA barrier on the weekly timeframe to gauge its potential for the coming months.
Algorand Price Prediction
Algorand has had an eventful 2021. To simplify the latest ALGO price prediction, we have divided up the prediction by short term Algorand price prediction and long term Algorand price prediction. As of writing this article, ALGO had a trading volume of $75,392,205. Algorand has gone down by -25.66% in the past 30 days.
According to our analysis in the short term, Algorand price prediction for August 2023 shows the average price of ALGO at $0.27 and the highest possible price for August 2023 would be $0.29.
Further, according to our analysis in the long term, Algorand price prediction for December 2023 shows the average price of ALGO at $0.29 and the highest possible price for December 2023 would be $0.31.
Algorand's Short Term Price Prediction
| Date | Avg Price | Lowest Price | Highest Price |
| 8 Jun 2023 | $0.17 | $0.16 | $0.18 |
| 9 Jun 2023 | $0.17 | $0.15 | $0.18 |
| 10 Jun 2023 | $0.17 | $0.15 | $0.18 |
| 11 Jun 2023 | $0.17 | $0.16 | $0.18 |
| 16 Jun 2023 | $0.19 | $0.18 | $0.21 |
| 21 Jun 2023 | $0.22 | $0.2 | $0.23 |
| 1 Jul 2023 | $0.25 | $0.23 | $0.27 |
| August 2023 | $0.27 | $0.26 | $0.29 |
| September 2023 | $0.28 | $0.26 | $0.3 |
| October 2023 | $0.28 | $0.26 | $0.3 |
| November 2023 | $0.29 | $0.27 | $0.31 |
| December 2023 | $0.29 | $0.27 | $0.31 |
Algorand price prediction 8 Jun 2023: Algorand’s price for 8 Jun 2023 according to our analysis should range between $0.16 to $0.18 and the average price of ALGO should be around $0.17.
Algorand price prediction 9 Jun 2023: Algorand’s price for 9 Jun 2023 according to our analysis should range between $0.15 to $0.18 and the average price of ALGO should be around $0.17.
Algorand price prediction 10 Jun 2023: Algorand’s price for 10 Jun 2023 according to our analysis should range between $0.15 to $0.18 and the average price of ALGO should be around $0.17.
Algorand price prediction 11 Jun 2023: Algorand’s price for 11 Jun 2023 according to our analysis should range between $0.16 to $0.18 and the average price of ALGO should be around $0.17.
Algorand price prediction 16 Jun 2023: Algorand’s price for 16 Jun 2023 according to our analysis should range between $0.18 to $0.21 and the average price of ALGO should be around $0.19.
Algorand price prediction 21 Jun 2023: Algorand’s price for 21 Jun 2023 according to our analysis should range between $0.2 to $0.23 and the average price of ALGO should be around $0.22.
Algorand price prediction 1 Jul 2023: Algorand’s price for 1 Jul 2023 according to our analysis should range between $0.23 to $0.27 and the average price of ALGO should be around $0.25.
Algorand price prediction August 2023: Algorand’s price for August 2023 according to our analysis should range between $0.26 to $0.29 and the average price of ALGO should be around $0.27.
Algorand price prediction September 2023: Algorand’s price for September 2023 according to our analysis should range between $0.26 to $0.3 and the average price of ALGO should be around $0.28.
Algorand price prediction October 2023: Algorand’s price for October 2023 according to our analysis should range between $0.26 to $0.3 and the average price of ALGO should be around $0.28.
Algorand price prediction November 2023: Algorand’s price for November 2023 according to our analysis should range between $0.27 to $0.31 and the average price of ALGO should be around $0.29.
Algorand price prediction December 2023: Algorand’s price for December 2023 according to our analysis should range between $0.27 to $0.31 and the average price of ALGO should be around $0.29.
Algorand's Long Term Price Prediction
Algorand’s long term Price Prediction below is a look at ALGO’s future prospect with regards to price. Algorand was last seen at $0.12, with a market cap of $888,263,687 and trading volumes of $75,392,205. ALGO’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community.
| Years | Avg Price | Lowest Price | Highest Price |
| 2023 | $0.29 | $0.23 | $0.35 |
| 2024 | $0.26 | $0.21 | $0.31 |
| 2025 | $0.33 | $0.26 | $0.39 |
| 2026 | $0.41 | $0.33 | $0.49 |
| 2027 | $0.51 | $0.41 | $0.62 |
| 2028 | $0.64 | $0.51 | $0.77 |
| 2029 | $0.8 | $0.64 | $0.96 |
| 2030 | $1.01 | $0.8 | $1.21 |
| 2031 | $1.26 | $1.01 | $1.51 |
| 2032 | $1.58 | $1.26 | $1.89 |
| 2033 | $1.97 | $1.58 | $2.37 |
| 2034 | $2.46 | $1.97 | $2.96 |
Algorand price prediction 2023: Algorand’s price for 2023 according to our analysis should range between $0.23 to $0.35 and the average price of ALGO should be around $0.29.
Algorand price prediction 2024: Algorand’s price for 2024 according to our analysis should range between $0.21 to $0.31 and the average price of ALGO should be around $0.26.
Algorand price prediction 2025: Algorand’s price for 2025 according to our analysis should range between $0.26 to $0.39 and the average price of ALGO should be around $0.33.
Algorand price prediction 2026: Algorand’s price for 2026 according to our analysis should range between $0.33 to $0.49 and the average price of ALGO should be around $0.41.
Algorand price prediction 2027: Algorand’s price for 2027 according to our analysis should range between $0.41 to $0.62 and the average price of ALGO should be around $0.51.
Algorand price prediction 2028: Algorand’s price for 2028 according to our analysis should range between $0.51 to $0.77 and the average price of ALGO should be around $0.64.
Algorand price prediction 2029: Algorand’s price for 2029 according to our analysis should range between $0.64 to $0.96 and the average price of ALGO should be around $0.8.
Algorand price prediction 2030: Algorand’s price for 2030 according to our analysis should range between $0.8 to $1.21 and the average price of ALGO should be around $1.01.
Algorand price prediction 2031: Algorand’s price for 2031 according to our analysis should range between $1.01 to $1.51 and the average price of ALGO should be around $1.26.
Algorand price prediction 2032: Algorand’s price for 2032 according to our analysis should range between $1.26 to $1.89 and the average price of ALGO should be around $1.58.
Algorand price prediction 2033: Algorand’s price for 2033 according to our analysis should range between $1.58 to $2.37 and the average price of ALGO should be around $1.97.
Algorand price prediction 2034: Algorand’s price for 2034 according to our analysis should range between $1.97 to $2.96 and the average price of ALGO should be around $2.46.
A Historical look at Algorand, ALGO’s price:
ALGO/USD Pair
ALGO/EUR Pair
FAQs about Algorand
Algorand’s current price is $0.12 and witnessed a -8.84% decrease in the past 24 hours. ALGO/BTC pair saw a -7.53% decrease in the past 24 hours.
Investing in Algorand, ALGO will purely depend on your personal risk appetite. As you can see over the past 24 hours Algorand’s price has witnessed a -8.84% decrease and over the past 30 days Algorand has decreased by -25.66%. So it all depends on if this investment will hit your trading goals.
According to our latest Algorand Price prediction for 2023, ALGO should vary between $0.35 and $0.23 Please keep in mind that the crypto market is very volatile and this Algorand price prediction does not account for extreme wild swings in price.
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According to the Algorand Price Prediction model above, ALGO’s price in 2024 would be $0.26. This price would however would range from $0.31 and $0.21.
According to the Algorand Price Prediction model above, ALGO’s price in 2025 would be $0.33. This price would however would range from $0.39 and $0.26.
According to the Algorand Price Prediction model above, ALGO’s price in 2026 would be $0.41. This price would however would range from $0.49 and $0.33.
According to the Algorand Price Prediction model above, ALGO’s price in 2027 would be $0.51. This price would however would range from $0.62 and $0.41.
According to the Algorand Price Prediction model above, ALGO’s price in 2028 would be $0.64. This price would however would range from $0.77 and $0.51.
According to the Algorand Price Prediction model above, ALGO’s price in 2029 would be $0.8. This price would however would range from $0.96 and $0.64.
According to the Algorand Price Prediction model above, ALGO’s price in 2030 would be $1.01. This price would however would range from $1.21 and $0.8.
According to the Algorand Price Prediction model above, ALGO’s price in 2031 would be $1.26. This price would however would range from $1.51 and $1.01.
According to the Algorand Price Prediction model above, ALGO’s price in 2032 would be $1.58. This price would however would range from $1.89 and $1.26.
According to the Algorand Price Prediction model above, ALGO’s price in 2033 would be $1.97. This price would however would range from $2.37 and $1.58.
According to the Algorand Price Prediction model above, ALGO’s price in 2034 would be $2.46. This price would however would range from $2.96 and $1.97.
The highest price for Algorand was recorded in 20th June 2019 during which ALGO hit an All Time High of $3.56
The price of 1 Algorand according to current market rate is $0.12
