After reaching the all-time high of $3.27, Algorand has been in a downtrend since November last year. Analysts believe the price of this altcoin will increase after the collaboration with the Nigerian Federal Authority.
They have started a 3-year agreement to create and develop cryptocurrency through the partnership with Koibanx and Growing Africa Group. They have the facility to trade IP rights in wallets. With this, the GAG aims to provide shelter for vulnerable people and refugees through a scalable platform.
Although the Central Bank of Nigeria restricts crypto transactions, it does not restrict securities and change fees. In Latin America and Africa, crypto adoption has been increasing, whereas the adoption has been declining in underdeveloped areas. Now the group will work to enhance the socio-economic circumstance to increase the adoption.
Algorand is a blockchain-based centralized infrastructure that allows any organization to move from traditional to centralized systems in the modern world. It is an open-source technology that handles transactions for governments and other financial institutions.
The best part is that Algorand balances the security and other facilities to prevent breaches and hacks by its pure Proof of Stake consensus mechanism. It also protects user data and accounts Safely.
Here are the facilities that increase the value of the coins:-
- It is designed to host millions of transactions for residential and commercial users.
- Instead of a decentralized finance app, it also performs borderless transactions without bugs and lags.
- It offers reliability, user-friendliness, speed, and security on this highly optimized scaling platform.
- It also offers many facilities to deal with blockchain storage functionality.
- It is a flexible platform; any update can be implemented easily.
Moreover, FIFA also announced a partnership with the project, and El Salvador partnered with Koibanx to build government blockchain infrastructure using the Algorand mechanism.
At the time of writing this post, ALGO was trading around $0.304. It has been consolidating between a range of $0.28 and $0.4. That means it is the right time to invest for the short term.
ALGO is in a downtrend, but technical indicators are bullish, which suggests a trend reversal in the short term. MACD is bullish, with RSI around 39. The candlesticks are forming around the baseline with a target of $0.35 as short-term resistance.
However, on the weekly chart, it has been forming support around the $0.3 level, and $0.85 will be a strong resistance level. Regarding the technical aspects, RSI is in the oversold zone with a bearish MACD indicator.
We think it is time to wait for a better opportunity because we might find a trend in the next two months. Some of the cryptocurrencies are turning green, and the time of Algorand is also coming. Please keep a closer eye on the price chart.