thecoinrepublic.com
- 1 Algorand active addresses and large transactions have observed a decline in the past few weeks
- 2 Technical indicators of ALGO are favoring a consolidated momentum in price. It has seen a gain of 1.2% in the intraday session.
Algorand is a groundbreaking platform that has emerged as an industry leader in the past few years. The platform offers a unique blend of advanced technology and innovative consensus mechanisms. Algorand is designed to have lower transaction fees and high throughput with improved efficiency. It is a pure proof-of-stake blockchain protocol where blocks are validated using randomly selected validators. This unique approach allows it to make a suitable option for defi and global payments. ALGO is currently seeing a consolidation in the active address. Meanwhile, the number of transactions of ALGO has also taken a hit. The number of daily transactions on the Algorand platform is 400k which has observed a decline from the start of 2023.
The block speed of the platform is 3.7 sec with a transaction fee of $0.00017. The platform has observed strong growth and can see large-scale adoption in the future.
Algorand has a market cap of $1.2 Billion and is ranked 41st in the CMC. The social engagement of the platform is not seeing any surge. The V/M ratio of ALGO suggests a consolidated trend in price.
Is ALGO Price Ready For A New Run?
The weekly technical chart of Algorand price suggests a struggle between the bulls and bears. ALGO price is currently observing a consolidated trend in the daily chart. The asset price is currently trading near $0.1677 with a small gain in the intraday session. The correlation between ALGO and ETH is near 0.9 which can surge in the future. The upside trend of ALGO price can observe a halt near $0.2.Meanwhile, the downside momentum of the asset price can see a bounceback from $0.15. It is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future which can push the asset price down.
The RSI of ALGO is near 40 suggesting its presence in the oversold zone.There is a weak upside slope hinting towards a weak bullish momentum.
Summary
Algorand is currently observing a consolidation in address activity. ALGO price is currently observing a consolidation but can see a new high in the future.
Technical Levels
Major Support:$0.15
Major Resistance:$0.2
Disclaimer
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