Algorand is a new project launched in 2019. It seeks to open new opportunities to expand its use cases. It introduces each new block to the users who hold a certain amount of ALGO currencies in their wallets. It enables smart contracts for decentralized applications.
It was created by Silvio Micali, a computer scientist at the Massachusetts Institute of Technology (MIT). It was funded by a Singapore-based corporation Algorand Foundation.
It is important to note that ALGO is a new public blockchain that is not time tested and proven solution. They do not have many use cases. It is still in a developing stage. If you are interested in Algorand, please read this technical analysis.
At the time of writing, the price of Algorand is trading around $0.35. In the last four months, it has been consolidating within a range of $0.38 and $0.28. From June-August, it formed an uptrend but changed the momentum in August. Now it is rising from the support of $0.28.
However, this time it may break the resistance around $0.38 but face the next resistance of $0.4, forming another higher high from the previous level. So, based on our ALGO coin price prediction, we think it is a good time for a short-term investment, but you should invest around the price of $0.3.
On the weekly chart, the ALGO price has been consolidating around the support of $0.25. After a long downtrend, we can consider this level as a support, and it may rise to the resistance of $0.7, so we think it is a good time to invest in Algorand for the long term.
Candlesticks have crossed the baseline of the Bollinger Bands with bullish MACD and RSI, reflecting positive momentum in the market. Please follow CryptoNewsZ to get the latest update on Algorand.
Credit: Source link