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Algorand Price Moves Against The Tide, ALGO Rises 22% In One Week

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Algorand Price Moves Against The Tide, ALGO Rises 22% In One Week

While large cryptocurrencies, such as Bitcoin and Ethereum, trade in the red, the Algorand price continues to see profits. Over the last day, this cryptocurrency has been one of the best-performing assets in the sector.

At the time of writing, Algorand price trades at $0.36 with a 14% profit and a 21$ profit in the last 24 hours and 7 days, respectively. The cryptocurrency’s performance over this period has only been surpassed by XRP with a 28% profit and Chiliz (CHZ) with a 29% profit.

ALGO’s price on a rally in the 4-hour chart. Source: ALGOUSDT Tradingview

Algorand Price Reacts To Ecosystem Developments

Data from DeFi Llama indicates that the Algorand price short timeframe rally is supported by a spike in network activity and ecosystem growth. Over the past week, Algorand’s total value locked (TVL) has followed the price with a 13% spike or $250 million onboarding the network.

Algorand’s TVL growth has surpassed Binance Smart Chain, Stellar network, Arbitrum, Avalanche, and others. This trend seems to be rooted in a hike in development activity in Algorand.

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Additional data from research firm Santiment indicates that Algorand has been the 4th blockchain in terms of activity on a weekly timeframe. Surpassed by Ethereum, Polkadot, and Solana, Algorand has seen over 70 projects build on its ecosystem.

Source: Santiment via Polkadot Insider

This coincides with a series of partnerships, and projects announced for the ecosystem. The most important seems to be a cooperation with the Federation International Football Association (FIFA) to host a non-fungible token (NFT) and marketplace.

In the coming months, FIFA will celebrate the world cup with the best football teams in the world. This event attracts the attention of millions of fans around the world. The Algorand-based project called FIFA Plus Collect will provide people with a unique experience by allowing them to “own the greatest moments in football history”.

The FIFA+ Marketplace is live now! Start building your personal collection and be part of the richest and most authentic football legacy of all time. Enjoy the FIFA+ Collect experience. https://t.co/gRoXHzhVHJ #fifa #fifaplus #fifapluscollect #algorand pic.twitter.com/SWJzDCjbve

— FIFAPlusCollect (@FIFAPlusCollect) September 22, 2022 

Can ALGO Sustain Its Gains?

In addition to important partnerships and development activities, the Algorand price seems to be positively reacting to a mainnet network upgrade. Implemented with AVM 7, this update is said to bring quantum security to the blockchain with an improvement over its smart contract functionality.

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The announcement seems to have captured the attention of market participants. The Algorand price’s performance seems to be a translation of the upgrade and network activity.

At the time of writing, Algorand’s price is coming into heavy resistance at its current levels. In order to sustain the current bullish momentum, the cryptocurrency must break above 3 critical levels: $0.36, $0.43, and $0.51.

The current state of the crypto market might cap ALGO’s price upward trajectory. The market is reacting to macroeconomic force, but if Bitcoin and Ethereum can reclaim higher levels, Algorand might gather enough momentum for a breakout above resistance.

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Algorand investors may need to lower expectations despite ALGO’s 4x surge

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Algorand investors may need to lower expectations despite ALGO’s 4x surge

It’s raining new users for the Algorand [ALGO] chain following its partnership with FIFA. Recall that the world governing body and the DeFi blockchain had agreed to collaborate on the idea centered around digital collectibles.

Now, Algorand has made its promise true. As of 22 September, Algorand announced that it was launching the “FIFA Plus Connect” NFT collection. According to the ALGO team, the collection would allow fans to possess exciting football moments as NFTs.

NOW LIVE: @FIFAcom makes digital history with the launch of @FIFAPlusCollect powered by #Algorand! Fans around the world will now have the opportunity to affordably own the greatest moments in football 👉 https://t.co/2Pk9NdBGB5 pic.twitter.com/uN5k2hfBeu

— Algorand (@Algorand) September 22, 2022

Double + Double equals?

With the development, ALGO considered it a time to pursue new milestones. According to IntoTheBlock, ALGO’s active addresses had significantly improved. However, the notable part was that most new addresses had quadrupled their daily transactions in about three months.

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Source: IntoTheBlock

The active address transactions were not the only ones affected by the update. The price, too, adopted a positive effect. At press time, ALGO was trading at $0.3855 in the last 24 hours, according to CoinMarketCap. This was the second day in a row that ALGO had maintained a green outlook, especially after activating the “State Proofs” stage.

Despite the landmark, ALGO had not done much in development activity. On-chain platform, Santiment reported that the development activity on the chain was at its lowest for a while. 

In contrast, the NFT launch had spiked a massive interest in ALGO. Santiment data showed that social dominance was at its highest since May. Coincidentally, it was around the same time that the partnership was announced that represented the last highest point.

Source: Santiment

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Gold, but not all glitters?

As ALGO has continued to be the “cheerful giver” of late, traders seemed to have taken advantage. According to Coinglass, the futures open interest rate in the coin had been rising in the last 24 hours across the top crypto exchanges.

Source: CoinGlass

Similarly, the perpetual-futures market recorded over 50% activity across the same exchanges. Despite that, it wasn’t all sweet nor sour as liquidations ravaged a sizable number of ALGO traders. 

Based on Coinglass data, over $2 million has been liquidated in the last 24 hours. As expected, short-traders were the ones who paid the price. While long liquidations accounted for $193,620; short were liquidated about $826,560. Compared to previous months, these short liquidations were incredibly more than normal.

Source: CoinGlass

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Despite the market producing profits, ALGO investors may need to slow down on expectations. While anything could happen, there was no clear sign that the green would continue till the end of the third day.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Biggest Movers: XRP Hits 4-Month High, ALGO Up 17% On Thursday

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Biggest Movers: XRP Hits 4-Month High, ALGO Up 17% On Thursday

XRP moved to a fresh four-month high on Thursday, which comes as volatility in the crypto markets eased, following the latest U.S. Federal Open Market Committee meeting. The token rose past a key hurdle in today’s session, hitting its highest point since May. Algorand was another notable mover, with prices climbing by as much as 17%.

XRP

XRP raced to a four-month high on Thursday, after hovering close to this milestone during yesterday’s session.

XRP/USD rose to a high of $0.4461 on Thursday, as prices moved past a resistance point of $0.4200.

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This surge in price sees XRP hit its highest point since May 12, when the token was trading above the $0.5200 point.

XRP/USD – Daily Chart

Today’s climb sees prices rise by over 10%, and comes as the 14-day relative strength index rose to a multi-month high of its own.

As of writing, the index is currently tracking at 69.29, which is its strongest point in over nine months.

History shows that when price strength climbs to these levels, bears often reenter, as they view prices as being overbought.

As a result, we could see a possible reversal in the coming days.

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Algorand (ALGO)

Algorand (ALGO) was also in the green in today’s session, as prices rose by as much as 17% on Thursday.

Today’s rally saw ALGO/USD hit an intraday peak of $0.3842, which comes less than a day after trading at a low of $0.3102.

This high is the strongest point that algorand has traded at since mid-August, which is the last time prices also collided with a resistance point of $0.3800.

ALGO/USD – Daily Chart

Following this earlier collision, ALGO has moved lower, and as of writing, is currently trading at $0.3711.

The token is also currently in overbought territory, tracking at 67.05, which is the highest point it has hit since April.

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If ALGO were to move above this current threshold, we would likely need to see price strength move even deeper into overbought territory.

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Where do you think algorand is heading? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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How Algorand’s fast, furious upgrade could render it untouchable

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How Algorand’s fast, furious upgrade could render it untouchable

Algorand’s [ALGO] mission to leave other blockchain networks behind while processing decentralized and traditional transactions faster has reached another level.

In its latest release which a large part of its community considered impressive, Algorand announced that there has been a major upgrade to its mainnet. 

The new update would allow ALGO to process 6,000 transactions per second. Before now, ALGO had one of the fastest networks for processing transactions out of the entire crypto projects. Its mainnet was responsible for processing over 1,000 transactions per second (tps).

Only the likes of Solana [SOL], Ripple [XRP], and CELO had swift networks that matched up. However, the latest mainnet upgrade may mean ALGO would have surpassed these projects by a far margin.

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1/ Major Protocol Upgrade: Now live on #Algorand MainNet, the release introduces State Proofs for trustless cross-chain communication and 5x faster performance 👉 https://t.co/nN6hw5MPxp pic.twitter.com/wH2tW2fi2O

— Algorand (@Algorand) September 7, 2022

Fast, furious, and…

Besides the speed, Algorand seemed to have solved the challenges of third-party interference. Rotem Hemo, a member of Algorand’s founding team, mentioned it in his Medium post.

According to him, the mainnet upgrade also included a State-of -Proof integration. With the State-of-Proof, the network’s users can make trustless cross-chain communication without involving a third party.

While the technology is relatively new, it seems like the solution to curbing the interference of centralized validators. Further to its complete decentralization goals, Hemo also mentioned an update related to Decentralized Application (DApp)  developers as the upgrade came with an AM7 on-chain addition to ease developer access. Hemo said,

“AVM 7 provides the ability to create randomness oracles that will enable every smart contract to get fresh randomness from a secure source when needed.”

Riding the wave

Since the public revelation, the ALGO price seemed to have made some positive moves. As per CoinMarketCap, the coin was trading at $0.295 at press time, picking a 2.73% increase in the last 24 hours.

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Meanwhile, its volume was on the downside as it decreased 9.04% to $78.30 million. 

Considering the on-chain activity, ALGO’s development activity was surprisingly on a downtrend trend.

Normally, such a significant upgrade was supposed to reflect around the metric but it was not the case according to Santiment. However, its market cap was able to follow the same uptick as its price, rising to $2.06 billion.

Source: Santiment

Still, ALGO is down 91.58% from its All-Time High (ATH). With this mainnet upgrade, investors may reignite their hope of the coin hitting $3.56 again.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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