Algorand (ALGOUSDT) - Coin of the Week
Silvio Micali is the founder of Algorand and a professor of computer science at the Massachusetts Institute of Technology. For his important contributions to the theory and practice of secure two-party computation, electronic payments, cryptocurrencies, and blockchain protocols, he received the Turing Award in 2012. As a result, he is considered one of the world's leading cryptographic innovators.
In response to the long transaction speeds of Bitcoin and other blockchains, Algorand was created to speed up transactions and enhance efficiency. Because Algorand is built on a permissionless pure proof-of-stake blockchain system, it has very cheap transaction fees and no mining (unlike Bitcoin's energy-intensive operation).
From a technical perspective, Algorand was in an uptrend until it hit 1.84 USDT in February of 2021. From that top it’s in a weekly consolidation that will prepare the next up wave. If we look on the smaller timeframes, on the 4h, we see a low created at 0.67 USDT and afterwards an ascending channel marked with blue on the chart. We expect that the price action will continue to make new “low and highs” in this channel until it will break out in one direction. The higher probability now is a down move and then up again, in the channel.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
In response to the long transaction speeds of Bitcoin and other blockchains, Algorand was created to speed up transactions and enhance efficiency. Because Algorand is built on a permissionless pure proof-of-stake blockchain system, it has very cheap transaction fees and no mining (unlike Bitcoin's energy-intensive operation).
From a technical perspective, Algorand was in an uptrend until it hit 1.84 USDT in February of 2021. From that top it’s in a weekly consolidation that will prepare the next up wave. If we look on the smaller timeframes, on the 4h, we see a low created at 0.67 USDT and afterwards an ascending channel marked with blue on the chart. We expect that the price action will continue to make new “low and highs” in this channel until it will break out in one direction. The higher probability now is a down move and then up again, in the channel.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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