Algorand survives with its technical and strategic partnerships

Algorand (ALGO), a proof-of-stake blockchain cryptocurrency protocol, has struggled to stay investors curious about its native coin. 2022 has been marked by a series of Associate in Nursing attempt|tries} by the Algorand Network to avoid wasting its unwell coin. These attempts have principally taken the shape of strategic and technical partnerships with other business entities, organizations, and states. In light-weight of prevailing market conditions, movements on the worth charts discovered that ALGO is poised for an additional pessimistic run.

Algorand performance since the start of 2022

The native crypto coin of Algorand was exchanging hands at $0.2905, at press time. Following an index price of $1.66 towards the start of the year, this coin has suffered associate 80%. Over the last six months, the Algorand Network has entered into partnership deals with FIFA, Keon Foundation, the Nigerian government, Developing Africa Group, and Koibanx. However, no much-needed relief for ALGO simply yet.

ALGO started the year with a capitalization of $10.57 billion. Pegged at $1.98 billion at the time of press, the crypto registered a drop of 81% on the charts. ALGO was exchanging hands at $0.2905, at press time. Following an index worth of $1.66 towards the beginning of the year, this coin has suffered associate 80%. Over the last six months, the Algorand Network has entered into partnership deals with FIFA, Keon Foundation, the Nigerian government, Developing Africa Group, and Koibanx. However, no much-needed relief for ALGO simply yet.

Vital coin accumulation forced a spike in its Relative Strength Index (RSI) between twenty-two, in March and in April. However, a retracement, instigated by a general pessimistic run that overrun the month of April, before long followed. As a result, the RSI was pushed below 50. However, MACD indicated that the altcoin could also be prepared for another spherical of worth decline.

Development activities on the blockchain sees spike

With a variety of technical partnerships proclaimed over the last six months, the organic process activity on the network has seen a gentle uptick. Though there was a dip in April, it’s since picked up and was noticed at 112, at the time of writing. This year, a 39% growth in developmental activity has been recorded. This year, the best figures on the front were 2.17% recorded earlier last month. It’s gone on a steady decline since.

With a reading of 0.49% at press time, it had registered a 77% in a mere over a month. Social volume conjointly saw a high of 1674 on three May. It went on to say no by 79% by press time.