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- Algorand has observed a fall of 94% from its all time high and has been in a downtrend for a while.
- Technical indicators of ALGO suggests a consolidated trend in price. Algorand is currently near $0.1655.
Algorand is a blockchain platform that aims to provide fast, secure, and decentralized transaction processing. It was developed by Silvio Micali, a computer science professor at MIT and recipient of the Turing Award, the highest honor in computer science.One of the key features of Algorand is its use of a unique consensus algorithm called “Pure Proof of Stake” (PPoS). In a PPoS system, one can stake their own coins in order to participate in the network and validate transactions. It helps to prevent malicious activity and ensures that the network remains decentralized.In addition to its fast and secure transaction processing, Algorand also offers a number of other features and applications. It also has a robust smart contract platform, enabling the creation of complex and customizable decentralized applications (dApps). Algorand has already gained a significant level of adoption and recognition in the cryptocurrency and blockchain space. ALGO is currently ranked 32nd in the cryptoverse and has a market cap of more than $1.6 Billion.
Are Bulls Ready To Push The Price Of ALGO?
Algorand is currently trading in a consolidated trend for past few months. The weekly technical chart of ALGO suggests a downside trend in price. On coming to the daily chart the asset price is trading near the value of $0.165 with a drop of more than 2% in the intraday session. The upside momentum of ALGO can see a halt near the value of $0.5. Meanwhile the support of the asset price can be seen near $0.1. It is currently trading below the 50 and 100 DMA. There can be a negative crossover which can push the asset price down.
Conclusion
Algorand has been in a downside trend for a quite sometime. ALGO price is currently in a consolidated downtrend and can see a new high in the future.
Technical Levels
Major Support:$0.1
Major Resistance: $0.25
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
