Algorand is a self-sustaining, blockchain network, which is decentralized too. It supports a wide range of applications, which is great for develop
Algorand is a self-sustaining, blockchain network, which is decentralized too. It supports a wide range of applications, which is great for developers and crypto/DeFi projects. They both seem to be gearing up for a bullish move, so let’s see how they have been acting and might react in the future.
Algorand Analysis – ALGO/USD Trading in A Range With A Bullish Bias
Algorand has put a great performance in the second week of September. It surged from above $1 to $2.50 in a couple of days and after a retreat lower it made a new high at $2.55. That’s when the market was showing strong bearish momentum, after the crash last Tuesday, which is a bullish sign.
Algorand retreated again, but it has formed a support zone around $1.90, which continues to hold. ALGO/USD has been trading above this support area, but it looks like it wants to make a move to the upside soon, since the downside seems limited and the developments for Algorand are favourable.
The support is around $1.90 continues to hold for Algorand
The Algorand network has been chosen by El Salvador to host the most common stablecoins such as Tether (USDT) and USD Coin (USDC) to simplify using Bitcoin. The Algorand Foundation decided to get the community more involved and make them more active on the network. Algorand announced the partnership with Viridis DeFi Program to support DeFi startups on the Algorand network, which will increase the demand for ALGO tokens.
Anthony Scaramucci of SkyBridge said that his company has raised more than $100 million toward the crypto-focused exchange-traded fund (ETF) on Algorand. Besides that, Algorand is sponsoring a drone racing league startup in New York. How this will help Algorand is to be seen, but perhaps drones and cryptocurrencies are merging together. Anyway, all these ongoings and millions of dollars will continue to keep ALGO/USD in demand, so buying Algorand near the bottom of the range is a good idea, as the crypto market recovers from the crash.
www.fxleaders.com