- The Algorand(ALGO) price closed the previous day’s trade at $0.29 with a market capitalization of $2.03 billion and a circulating supply of 6.92 billion ALGO
- The ALGO price continues to trade within the same margin but is flashing the signals of a breakout after experiencing an extended pressure from either side
- Currently, the price is pretty distinct from 2022 highs, but with a flip in the market sentiments, ALGO price may even make it above 2021 highs too
What is Algorand(ALGO)?
The crypto space is currently dealing with a trilemma, scalability, decentralization & security, and Algorand is built to solve these problems. It is a smart contract platform that went live in 2019 that serves as an infrastructure layer on which various crypto networks, decentralized applications, etc can be built. Algorand network processes 1300 transactions per second and aims to reach 3000 by adding an ‘instant finality’ to its blockchain.
A little similar to Ethereum, Algorand works on the Pure Proof-of-Stake mechanism which randomly selects validators among the ALGO holders who have lent their computing power to the network. Here, ‘Pure’ refers to the holders not being required to lock up their ALGO to participate in the process, rather their power is measured by the amount of ALGO held by the holder.
Algorand Price Analysis for September 2022
|Market Cap||$2.08 billion|
|Circulating Supply||6.92 billion ALGO|
|Max Supply||10 billion ALGO|
|Vol (24H)||$63.46 million|
Algorand Price Prediction 2022
The ALGO crypto price has been trading flat from the past couple of months and slid down notably since the beginning of September. The month is expected to be pretty bearish as the positive rounds within the markets failed to uplift the price. By the end of September, the prices may hover around $0.28 to $0.305.
The beginning of Q4 could be slightly consolidated but by the mid of October 2022, the trades may be flipped to some extent. The volatility is expected to increase which could attract the market participants and hence the price may also be impacted accordingly. By the mid of October, the ALGO price may reach $0.35 while by the end of the month, it may rise to $0.375 to $0.38.
The ALGO price after being within a bearish trap for a pretty long time may continue to rise slowly yet steadily, trying to prevent steep pull-backs. Hence, the mid of November, the prices may get closer to $0.4 and also surpass these levels, which may further result in a pullback. However, by the end of November, the ALGO price may trade in between $0.42 to $0.44.
Will Algorand Price Reach $0.5 by December 2022?
With the beginning of December, the Algorand crypto price may rise its volatility and try hard to rise and close the yearly trade on a bearish note. While the 2022 highs are very far off, the token could attempt to rise above the bearish captivity. By the end of December 2022, the price may hover between $0.48 to $0.51.
Read more: Cardano Price Prediction
Algorand Price Prediction 2023
Will Algorand Price Reach $1.5 by December 2023?
If the price maintains a significant upswing during the 2022 close, then it may continue to trade towards the north from the beginning of 2023. After trading above half a dollar, the price may be poised to reach the $1 mark within the first 2 quarters. Therefore, by the end of Q2 2023, the token could trade around $0.65 to $0.72, keeping the bullish momentum intact.
The price could continue to rise during Q3 2023 and get closer to hitting $1 which may be achieved before the end of September. Further the last 3 months of 2023 could be pretty bullish and the price may rise above $1.3. By the end of 2023, the ALGO price could trade around $1.45 to $1.5.
Algorand Price Prediction 2024
Will Algorand Price Reach $3.5 by December 2024?
The Algo price is expected to continue with the same bullish momentum since the beginning of 2024 and may soar high beyond $1.75 by the end of Q1 2024. However, the token may experience a slight pullback with the beginning of Q2, but by the end of the quarter, the ALGO price may have settled around $1.87 to $1.95, but may fail to surge beyond $2.
Moving ahead, during the Q3 trade, the price may ignite a minor bull run and surpass $2 in the first few days of Q3. By the end of Q3, 2024, the ALGO price coils hover around $2.3 to $2.5 and in an extended bullish case may reach $2.7. However, the Q4 is expected to remain slightly consolidated and close the yearly trade between $2.9 to $3.3.
Algorand Price Prediction 2025
Will Algorand Price Reach $1 by December 2025?
The bears may become extremely active after the prices surpass $3 levels and may try hard to drag the price below. However, after maintaining a decent surge throughout 2024, the bulls could have gained enough strength to withstand huge bearish pressure. By the end of Q2, 2025, the price could remain consolidated around $3.
As the trade enters the second half of 2025, the bulls may start outperforming the bears and regain the strength required to reach the upper targets. By the end of Q3 2025, the prices may hover around $4.2 to $4.5. The price may surge above $4.5 during Q4 and close the trade around $4.8 to $5.2 by the end of 2025.
Algorand (ALGO) Price Comparison Table (2017-2022)
|Year||End of Year Price||% Change|
*at the press time
Algorand Price Technical Analysis
- The ALGO price from nearly a year is trading within a huge falling wedge, which could break any time in the near future
- An upswing beyond $0.4 could ignite a rebound which may be further confirmed by sustaining above $0.45
- Yet a spike above $0.77 may confirm with a bullish trend that could raise the price close to $1 in the next 6 to 8 months
- While the bears could challenge the bulls at each levels, but the bulls may eventually hold the token strong at each support
ALGO Price Comparison with Ripple (XRP)
- Algorand chain is built to compete with the top payment processors like Mastercard, while Ripple (XRP) is well known platform for cross border payments
- Both the assets maintained a significant price movements for nearly a month, while XRP price displayed huge strength in the past couple of days
- The XRP/USDT price consolidated along -10% for a long time and further raised to hit -3.26 and currently trading at -5.77 after rebounding from -12.16%
- While ALGO/USDT price dropped from +10.65% and bottomed at -16.97% and presently trading at -12.51%.
Read more: Ripple Price Prediction
Algorand Price Comparison with Bitcoin (Correlation)
- ALGO/USDT & ALGO/BTC were trading within a parallel range until the USDT pair dropped down due to some external factors
- However, BTC pair maintained its strength and maintained a notable upswing until the press time
- The ALGO/USDT dropped from the highs around +10.46% and reached -16.96% and currently trading at -12.50%
- Conversely, the ALGO/BTC maintained above the average levels and spiked high to reach +10.77% and currently trading at +5.64%
Read more: Bitcoin price prediction
Factor Affecting ALGO Price
- The Alogrand platform underwent a major protocol upgrade and released Algorand State Proofs which offer trustless, scalable, secure interface for PoS chains.
1/ Major Protocol Upgrade: Now live on #Algorand MainNet, the release introduces State Proofs for trustless cross-chain communication and 5x faster performance 👉 https://t.co/nN6hw5MPxp pic.twitter.com/wH2tW2fi2O
— Algorand (@Algorand) September 7, 2022
Where & How to buy Algorand (ALGO)
You can buy Algorand or any of your desired tokens on CoinDCX. All you need to do is follow the below mentioned steps:
- Download the CoinDCX App
- Register by entering your details
- Complete KYC
- Once your profile is verified, fund your wallet and buy ALGO