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- Algorand has recently introduced a flexible form of storage for smart contracts which can size up to 32k when needed.
- ALGO coin price technical indicators suggest an upside trend. ALGO/BTC pair has seen a gain of 2% in intraday session.
Algorand is a self sustaining decentralized blockchain which supports various applications. The mainent of Algorand came alive in 2019 and has ability to handle more than 1 million transactions per day. They have recently introduced a flexible form of storage for smart contracts called boxes..One of the main compelling use for it is the replay protection for bridges.One of the other uses of boxes is governance system which is planned to be adopted by xBacked. ALGO boxes not only strengthen existing dapps but also enable new use cases and a secure interpolablity.
Algorand is currently ranked 29th in the crypto verse and has a market cap of $2.2 Billion. The volume of the ALGO has seen a decline of over 4% in the intraday session. Volume to market cap ratio of ALGO coin suggests a consolidated trend.
Is There An Upside Trend Waiting For ALGO Price?
Algorand is currently down by more than 93% from its all time high. It is seeing a strong downside trend for the past few months. The weekly technical chart of ALGO price hints towards a consolidated trend. On coming to the daily chart the asset price has seen a gain of 3% and is trading near $0.22. The upside trend of ALGO can see a halt near the value of $0.45. Meanwhile a support in the asset price can be seen near $0.15. The asset price is currently trading below the 100 and 50 Daily Moving Average. There can be a negative crossover in the DMA which can push the price down to a new low.
Conclusion
Algorand has recently launched a flexible storage for smart contracts. ALGO coin price is currently in a downside trend but can move to a new high in the future.
Technical Levels
Major Resistance$0.35
Major Support:$0.15
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.