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
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 crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/17/algorand-active-addresses-consolidate-will-the-price-see-a-surge/