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- 1 Algorand is the world’s first carbon-negative blockchain which was made in 2022.
- 2 The bulls are trying to break a major resistance level. See the possibility below.
- 3 The RSI has reached the over-sold level with the SMA above it.
Algo is a cryptocurrency and a foundation created by Silvio Micali in 2017. Along with Jing Chen, a former student at Stony Brook University, Micali co-designed the Algorand white paper.
The foundation is responsible for managing cryptographic research, system growth, governance, and decentralization within the Algo Network protocol created by Algorand Inc. based in Boston.
The Carbon-Negative Blockchain
Algorand is the world’s leading carbon-negative blockchain. By April 2022, it had implemented the first smart contract to counterbalance carbon emissions. For each transaction, a portion of the proceeds is donated to charity to offset carbon emissions.
The United Nations Development Programme and the Algorand Foundation have announced a partnership to launch a blockchain academy in the first quarter of 2024.
The program aims to provide UNDP employees with knowledge and insights into the application of blockchain technology, helping them understand modern technologies. With this news and the current crypto cycle, Algo is arguably one of the best cryptocurrencies to buy today.
Technical Analysis and Prediction of the ALGO Coin Price
The ALGO coin price is experiencing an impressive recovery and is reaching new heights as the year comes to a close, which is a bullish sign for the entire crypto market.
Although Algorand experienced a pullback for most of 2021, the price of its native token, ALGO, has finally become bullish in terms of year-to-date growth, with an 18% increase so far this year.
At the press time, the ALGO coin price is trading at the level of $0.204 after the surge. The coin has been on an uptrend for 2 months after the bulls broke a major resistance level of $0.149. When it reached the immediate resistance level of $0.223, it started seeing some corrections. This ongoing recovery suggests that investors are once again showing interest in this project.
However, the support levels are at $0.1843 and $0.1319. Moreover, the RSI has also reached the level of 72, but the catch here is the SMA of the RSI is still above 74, which incidents a firm uptrend from a longer duration. The price prediction will be bearish for the short term.
Conclusion
Algo is a carbon-negative blockchain that has implemented the first smart contract to offset carbon emissions. ALGO is currently trading at $0.204 after an uptrend for the past two months. The project is seeing a recovery, indicating renewed investor interest.
Technical Levels
- Support Levels: $0.1843 and $0.1319
- Resistance Levels: $0.223 and $0,278
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
CEO, Web3 Strategist, Author, and Host of ¥€$ 3.0 Abundance and Wealth Podcast: As the President CEO of Being Investments and a Web3 strategist, Brandi Veil leads the charge in shaping the future of education and technology. She is a global advocate known for her role as an international spokeswoman for EdTech and Learning and Earning initiatives. She is also the producer and host of ¥€$ 3.0 Abundance and Wealth Podcast, featuring thought leaders developing the new economy.”