Algorand: Looking back on history ALGO comprehensively evaluates the project and predicts the future

Algorand (ALGO) is both a digital currency and a powerful blockchain platform, which recently made a lot of progress with its partnership with FIFA. Let's evaluate the potential of this project with us

Disclaimer:  The datasets shared in the following article are compiled from a group of online resources and do not reflect FoxCryptoNews' own research on the subject.

Algorand look back

Algorand (ALGO) price has recently started to rise. Short-term resistance is at $0.351-$0.365 at the time write this article. A bullish reversal will be confirmed by breaking it.

A closer examination of Algorand's price action on the two-hour chart suggests a bullish outlook.

According to Cardano founder Charles Hoskinson, in response to the announcement of the Mikomedia A1 Rollup on Algorand, Algorand (ALGO) has officially launched the Cardano network.

According to the release, Algorand is a non-EVM chain with more unique features, ideal for a first launch outside the Ethereum (ETH) ecosystem. The release of the Layer-2 A1 compiler is important for Cardano and Algorand as it will support networking between the two projects. Due to the different topology of the two blockchain networks, this would not be possible without aggregation.

Algorand, the official blockchain platform partner for the 2022 FIFA World Cup, noted that investor optimism is growing. ALGO made a significant profit last month. Expect to see bulls on their side soon, even though the current market is very important.

According to AlgoExplorer, there were 17.3 million accounts on Algorand at the end of last year. As of March 9, 2022, the total number of accounts on the network reached 23.5 million. These numbers have only increased in recent months and Algorand seems to be gaining popularity. Now, many people wonder if it's worth investing in anything.

In 2021, the entire crypto market explodes and some suffer the same fate. However, after a while, it immediately went back to $1. ALGO saw some early signs of a strong bounce back in February, hitting $1.67 before decrease again. From February 2021 to April 2021, the ALGO price volatility decreased at times, but remained stable above $1 for support.

The price of ALGO rose until 2022, dropping to $0.89 on Feb, 13. After that, it slowly rose again, largely thanks to LimeWire, an NFT marketplace for music and entertainment. The coin hit $0.82 on March 19, 2022, before rising to $0.98 on April 2.

In May, FIFA Algorand, FIFA's official blockchain platform, announced an official network partnership and officially provides a blockchain wallet solution. However, the recovery in the second quarter was short-lived. In mid-May, the market crashed and ALGO was trading at $0.362.

In 2021, ALGO fell as low as $1,268 in mid-December before rising to $1,644 early in the year. The altcoin maintained an uptrend, reaching $1,852 on January 5, 2022, before falling as the market entered a bear market (sometimes referred to as “crypto winter”). ALGO was down until mid-May. It has been pretty steady since then, hovering around $0.31.

According to Coinpedia, ALGO could drop to $0.2802. Algorand can still be expanded with new alliances, integrations or enhancements. The site analysis adds that in this case, the ALGO price could be as high as $0.4148.

All things considered, buying anything should be a wise decision in the long run, right? Most analysts have positive forecasts for ALGO. Also, most of the long-term ALGO price predictions are bullish. However, some people still do not believe in something.

Algorand is a strong project

Algorand's mechanics are what makes it so powerful. And, because it uses an open-source blockchain network, the history of your ALGO tokens is visible to everyone. Glitter Finance will soon integrate the Algorand DeFi ecosystem with Solana to improve interoperability on the blockchain. This will ensure that merchants using Glitter can transfer their digital tokens from Algorand to the Layer 1 blockchain.

To increase the efficiency of blockchain transactions, Algorand was created. While adding a new block to the Bitcoin blockchain takes about 10 minutes, Algorand can process 1 million transactions per day or about 1,000 per second. Therefore, compared to other networks, it can offer significantly lower transaction fees.

Acceptance of ALGO has increased significantly this year. The alliance between FIFA and Algorand is one of the best. FIFA will use the Algorand Network as its official blockchain.

That's not all, as Algorand and EI Salvador have teamed up to create a blockchain infrastructure.

Algorand and ICON have entered into a major collaboration. Algorand will have a security partner with BTP, thanks to this integration. The Algorand network will become more vibrant and diverse as a result.

However, with the market cap falling, ALGO's year-to-date volume (YTD) is down -88%. Interestingly, after losing 37% of its value in July, it failed to increase its average volume. In fact, the altcoin is still 89.91% below its all-time high (ATH). The only positive from ALGO's bad performance in July was a 14% increase in trading volume.

In this article, we will briefly review current crypto activity with a focus on market capitalization and volume. In a nutshell, the predictions of the most famous analysts and platforms will be combined with the Fear & Greed index analysis to determine the mood of the market.

ALGO Technical Analysis

At press time, the price of Algorand has increased by 2.1% in the last 24 hours, resulting in a per-coin value of $0.336. Additionally, ALGO gained 7.7% last week.

At the time of this writing, ALGO is priced at $0.30 on the charts. As expected, he is almost 90% away from his previous ATH on the price charts.

With the return of the bulls, SOMETHING has attracted the attention of investors. However, despite some optimistic predictions, it should be noted that the ecosystem is still evolving. As more applications are developed on the Algorand platform, the value may only increase. Maybe double or triple.

Algorand also has benefits in terms of transaction processing. Users will benefit from its extremely efficient and scalable operation. The network is processing at 1,162 TPS and has the last block time of 4.36 seconds.

After CEO Steven Kokinos announced his resignation, the ecosystem is currently experiencing some difficulties. He will be leaving Algorand but will continue to work on other ecosystem initiatives in his place. Now, at this point it is completely unknown what missions he will continue to do.

While it is difficult to provide 100% accurate technical analysis for ALGO, you can view ALGO's aggregated buy and sell ratings in real-time for your chosen timeframe using our analysis tool. TradingView's advanced technical analysis. Moving Averages, Oscillators and Pivot Points are the three most prominent technical indicators used to present a summary of ALGO/USD.

Interestingly, at press time, the same is showing a SELL signal.

Now let's see what prominent platforms and analysts have to say about where they think ALGO will be in 2025 and 2030.

ALGO price prediction for the near future 2025

According to Changelly, the price of ALGO in 2025 will be as low as $1.6 and as high as $1.89. Total transaction costs average around $1.68, he said.

Instead, Telegaon predicts that ALGO will achieve its own ATH as other cryptocurrencies touch their ATH on the leaderboard. According to their price estimates, ALGO will hit $10.32 in 2025, with a minimum price of $7.99 that year. These forecasts are based on the assumption that 2025 will be a bull market.

Even with 10 billion ALGO tokens in circulation, these assumptions seem exaggerated. To make Algorand more scalable, the issuance of these tokens has been distributed for ten years, with a deadline of 2030.

The regulated nature of issuing ALGO is to protect it from excessive volatility, violent (and unsustainable) price spikes and crashes. This is true even if the total supply of many cryptocurrencies is expected to be highly volatile.

You've now built a solid reputation in the market because you provided a helpful service and didn't report any security breaches or other forms of damage (financial, reputation, etc.). Unlike many other projects of a similar nature, the token itself has utility and meaning.

Furthermore, even though the altcoin is trading at near current levels, its overall volume is still very high. This tells us that there are plenty of people interested in buying at these prices right now. In times of extreme stress in the bear market, it can also be assumed that there are a lot of whales stocking up at the moment.

ALGO price prediction for long-term 2030

The year 2030 is still too far away. This is probably why most people temporarily stop making predictions about anything. Even so, it's still worth keeping an eye on where cryptocurrency and the web are right now. This is evidenced by the number of investments and projects that Algorand is able to undertake under its umbrella.

In the first quarter of 2022 alone, Algorand received investments from Genesis-Capital, Coinbase Ventures, Borderless Capital, ParaFi Capital, Algorand Foundation, OKEx Blockdream Ventures, and Jump Crypto.

With more of these updates scheduled in the future, one can only imagine their impact on ALGO's broader ecosystem and value.

Summary

One of the cryptocurrencies that you can start investing in is ALGO in 2022. Despite some optimistic predictions from experts, this ecosystem is still growing. The value could easily double or triple this year as more applications are developed on the Algorand platform.

Algorand also has an edge in transaction processing. Users will benefit from its extremely efficient and scalable operation. According to the latest information from the Nasdaq website, the network is processing 1,162 TPS with a final block time of 4.36 seconds. The stars are quite similar to this talent.

Algorand is a good short-term investment if the market is bullish. When the overall crypto market is doing well, these newer initiatives often outperform other, more famous projects by a wide margin.

The above analysis clearly shows that Algorand's predictions are somewhat inconsistent. There is no general consensus on whether the future price trend of ALGO will be good or bad. In fact, many factors, including announcements, new technological advancements in the Algorand project, largest crypto ecosystem, regulatory status, etc., will affect potential growth in the future. future. For what it's worth, the Fear and Greed Stats are pretty balanced at launch.

Also, if we want to talk about innovation, John Woods, CTO of the Algorand Foundation, provides the latest work the project has done to lead the development of quantum resistance measures for secure cryptography. than.

Woods is particularly interested in the Falcon algorithm, which offers a way to avoid the potential risks posed by quantum computers.

In August 2016, the National Institute of Standards and Technology (NIST) invited the best experts in the field to create cryptographic algorithms that are resistant to quantum attacks. Falcon, created by Algorand developers Craig Gentry, Chris Peikert and Vinod Vaikuntanathan, is one of the chosen algorithms. Trampdoor for Hard Network and New Cryptographic Architecture is the way to build it.

Nov 01, 2022