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- Algorand (ALGO), blockchain-based crypto has moved its concentration to alikeness and post-quantum technology.
- In this situation, ALGO bulls continue to control the market at the time bears are low-spirited. Details are given below.
As the blockchain ecosystem carries on to thrive and enhanced, there are undisputable provocations that require to be addressed. They have framed the lead blockchains, adding Algorand. Algorand has, actually, lately disclosed that it has two main targets in the near future: interoperability and post-quantum protection. The news is also revealed on the official Twitter profile of crypto.
Interoperability is essential for a smoother value stream. Any other way, a very fragmented space will be very ineffective. Luckily, there are various networks working to answer the interoperability provocation.
Additionally, Algorand accepted that quantum technology is proceeding at a quick pace. Maybe at a level that can erode the decentralized model of blockchain technology. This is the reason Algorand is ardently running after measures that will grow security against hacks carried out utilizing quantum computers.
The native crypto of Algorand, ALGO, is one of the best-performing cryptocurrencies from the start of January. It’s worth $0.267 demonstrating a 68 percent hike and is up 17 percent from the start of February.
Also, fascinating is the actuality that ALGO still confers room for further upside before interrelating with the 200-day shifting average. The latter may operate as a mental selling zone. Although, one awes if ALGO can help the uptrend, particularly now that its RSI is representing comparative weakness and price-RSI separation.
From a metrics point of view, we witness that the weighted sentiment is presently supporting the bears. The likelihood of a sizable bearish change is more with any investor sentiment like theirs, particularly now that the price has been going up.
In the same sense, the demand for derivatives may ask for some understandable insights. The funding rates of FTX are in the upper range and no pivot has been noticed already. This proves that there is no entering selling pressure from the derivates portion.
Also, at all events, one capable reason for the non-appearance of bearish volume is the fact that ALGO is still recovering from the latest hike in selling pressure. Rather than that, we have witnessed a hike in bullish volume in existing days.
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.
