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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.
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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.
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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.
