- Coinbase has recently suspended Algorand staking rewards on their platform
- Technical indicators of ALGO are favoring a consolidated momentum. It has seen a drop of 0.87% in BTC pair
Algorand is a decentralized blockchain platform which was created to address some of the major challenges facing blockchain technology, such as scalability, decentralization, and security. The mainent of ALGO came live in 2019.It has quickly emerged as a leading blockchain platform with a growing ecosystem of developers and users. Algorand can process more than 1 Million transactions per day. Algorand uses a unique, decentralized consensus protocol which allows for rapid confirmation of transactions with minimal energy consumption. Algorand has implemented advanced cryptographic techniques, such as verifiable random functions and threshold signatures, to further enhance the security of the platform. It has a negative ROI and is up by 106% from its all time low. Coinbase has recently told their customers that they will no longer offer Algorand reward as of MAR 29. Algorand CEO has came on twitter to confirm this rumor about the discontinuation of ALGO rewards.
ALGO has a market cap of over $1.5 Billion and is ranked 39th in the cryptoverse. Volume of the asset price has seen a decline of 12% in the intraday session. Volume to market cap ratio of ALGO suggests a consolidated trend in price.
Bulls And Bears Of ALGO Are On Rest
Algorand is currently showing a weak downside trend in the weekly chart. It has been in a consolidated mode on the daily chart. ALGO is currently trading near the value of $0.211 with a drop of 3% in the intraday session. The upside momentum of ALGO can see a halt near the value of $0.5.Meanwhile the support of the asset price can be seen near $0.1. It is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover in the future which can push the asset price to a new low in the future.
RSI of the asset price is near 45 suggesting its presence in the neutral zone. There is no slope formed in the RSI hinting a consolidated trend in price.
Conclusion
Algorand staking rewards has recently been discontinued by Coinbase as of MAR 29. ALGO is currently observing a consolidation but can see a strong momentum in the future.
Technical Levels
Major Support:$0.1
Major Resistance:$0.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/03/25/algorand-price-prediction-algo-consolidation-continues-what-is-next/