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Algorand CEO’s X Account Hacked, Is Justin Sun Involved?

On Thursday night, Algorand CEO Staci Warden’s X Account (formerly known as Twitter) was compromised. Since then, the crypto community and the hacker have been having a back-and-forth conversation.

Justin Sun Will Boost Algorand To “New Heights”

Algorand Foundation’s X account was the first to inform about the hack and advised users to be careful when interacting with the compromised account or any link promoted by it. The hacker then took Staci Warden’s compromised account to start a series of controversial posts and replies.

The hacker called Algorand’s community “poor” in the initial post, later suggesting it would be better for the community if they “sold ALGO and instead bought Ether.” Both posts have amassed a combined total of 150,000 views and, as it’s worth noting, contain racial slurs.

Additionally, the hacker offered a fake airdrop giveaway, claiming they would send “1 $ETH for every % $ALGO drops this week.” While following some users’ petitions, the hacker shared music and changed the account’s bio, claiming that Warden had exited Algorand Foundation and had become a “semi-professional pole dancer.”

Most notably, a fake story was shared in the account narrating a call with Tron founder Justin Sun, referred to as “his excellency” by the hacker. In the fake story, Sun promised to take Algorand to “new heights” under the condition that Algorand’s CEO gave total control over the network and allowed Sun to mint any token to back TRUE USD (TUSD).

A sarcastic comment insinuating that Sun’s projects will be the reason behind “the next major financial collapse in crypto” closed the story.

Algorand CEO Criticized By The Community

The original announcement about the hack and the different posts shared on the compromised account ignited comments from the crypto community. Most users took the incident with humor, while others have taken the opportunity to express their discontent with the CEO.

One user claimed that Algorand CEO “qualifies to be an intern” at the Securities and Exchange Commission (SEC), clearly referencing the recent hack to the SEC’s X account suffered and resulted in a false report about the approval of spot Bitcoin ETFs.

Similarly, known crypto sleuth ZachXBT shared his thoughts about the hack, “Unpopular opinion: Staci hacker would make a better CEO for Algorand Foundation.” To which the hacker jokingly replied, “Hey bro, I just send you $10,000. Keep up the good work for this industry, buy your mom some flowers, and take your father out for a nice dinner,” referencing a previous X post informing the crypto detective of a donation made about a week ago.

No further posts have been shared in the last hours, but the account appears to still be under the hacker’s control, as none of the posts have been taken down, and there’s no official statement about the account’s recovery.

As reported by NewsBTC, ALGO outperformed the general crypto market growth in Q4 2023, experiencing an increase in market capitalization, transaction volume, revenue, and user adoption. ALGO’s prince trades at $0.1652, a 3.18% surge in the last 24 hours.

ALGO, Algorand, ALGOUSDT

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ALGO Blows Up To 42-Week High, Delighting Algorand Fans

Known for being a blockchain technology pioneer, Algorand (ALGO) has seen ups and downs in the cryptocurrency market. Over the past week, there has been a notable 20% surge in the value of the Algorand token, which also translates to a 42-week peak.

According to data from Coingecko, ALGO was trading at $0.232 at the time of writing, with a significant 24-hour trading volume of $370 million.

Algorand’s Rise: Blockchain Advancements And Market Surge

The Algorand network, also referred to as “blockchain3.0,” prioritizes security and decentralization while addressing significant scaling problems that have beset earlier blockchain systems like Bitcoin.

Algorand’s cutting-edge blockchain technology, which is well-known for its quick transactions and function in smart contracts, is what is driving ALGO’s growth. Its price increase over the weekend represented a 90% rise in the last month.

Algorand’s digital network and protocol give it a significant technological advantage that makes it a vital role in improving the financial system’s efficiency.

Algorand is a significant player in the market, presently ranked 43rd, with a current market value of more over $1.85 billion. There are already 8 billion tokens in circulation on the network, which is a sizeable fraction of the 10 billion token maximum supply.

This position takes into account the platform’s usage of a significant percentage of its token allocation as well as its presence in the cutthroat cryptocurrency market.

“We’re just getting started,” cryptocurrency enthusiast “Aj” said, expressing excitement about ALGO’s recent resurgence. According to Aj’s technical analysis, the $0.28 mark is crucial for turning resistance into support and launching the token on a long-term upswing.

A number of important underlying developments support a long-term Algorand comeback.

By collaborating with the UNDP to establish the Algorand Blockchain Academy, the Algorand Foundation has demonstrated its dedication to blockchain education and transparency, which could enhance ALGO’s position in the market.

Algorand’s Tech Triumphs Amid Market Variability

Updates that are significant and solidify Algorand’s position as a top blockchain are supporting its comeback. Algorand released AlgoKit 1.8.2 last week, a significant update that supports Python template support in dev tools to speed up application development.

Another addition to the update is a debug adapter that enables in-depth analysis of transaction execution.

In terms of smart contract throughput, Algorand has outpaced other leading Layer 1 (L1) blockchains, such as Solana, BNB Smart Chain, Avalanche, Polygon, Celo, and Ethereum, as seen in the figure below.

Algorand has remarkable technology, but its performance in the market is inconsistent. The blockchain platform exhibits creativity and state-of-the-art solutions, but the market’s reaction has been a mixed bag of positive and negative developments.

The potential of Algorand draws investors who have to traverse a volatile cryptocurrency market, which complicates their decision-making process. Investors must navigate this complex relationship between market dynamics and technological superiority with caution.

Featured image from Shutterstock

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Crypto’s Silver Lining: Market Dips Are Stepping Stones To Soaring Heights – Analyst

Crypto Rand, a renowned crypto trader, has shared insights on the current market corrections, emphasizing the necessity of these corrections for sustainable market ‘growth.’

The trader, who disseminates his views on X, stresses that despite the evident pullbacks, the crypto market’s macrostructure remains “intact.”

This perspective comes at a time when most crypto assets, including Bitcoin, have experienced significant price drops over the past couple of days.

Navigating Resistance Levels: The Path To Growth

Crypto Rand’s leveraged the price action index of various cryptocurrencies, such as Cosmos (ATOM), Chainlink (LINK), NEAR Protocol (NEAR), Algorand (ALGO), and MultiversX (EGLD), among others to highlight his point.

Rand identifies multiple resistance levels in these assets’ trajectories, suggesting these as potential points for market turnaround. These resistance levels are categorized as major or minor, depending on the frequency and intensity of price actions historically observed at these points.

Despite the temporary pullbacks that these resistance levels might introduce, Crypto Rand views them as necessary pauses that allow the market to gather strength for future upward movements.

This perspective is particularly relevant in light of Bitcoin’s recent price behavior. The flagship cryptocurrency has seen a notable dip from its recent high of $44,000, currently trading just below $42,000.

Bitcoin (BTC) price chart on TradingView amid crypto market news

This downward trend has echoed across the crypto market, impacting other major assets like Ethereum including altcoins Rand mentioned like Chainlink, and Algorand.

Over the past 7 days, BTC and ETH have experienced declines of 4.4% and 2%, respectively. Meanwhile, Chainlink has seen a 6.9% drop during the same period, and Algorand has fallen by 4.1% in just the past 24 hours.

The Broader Perspective On Crypto Market Corrections

The sentiment that market corrections are a healthy and necessary aspect of growth is not exclusive to Crypto Rand. William Clemente, the co-founder of Reflexivity Research, echoes this viewpoint.

Clemente posits that the current market retraction, which could potentially bring Bitcoin’s price closer to $40,000, should “not be a cause for alarm.”

Clemente argues that this process is crucial for eliminating weaker market participants and reducing excess leverage, ultimately establishing a firmer foundation for future upward trends.

Clemente further articulates that the inherent volatility of Bitcoin should be perceived as “a feature, not a bug”. It is worth noting that this stance reinforces the notion that the crypto market is still evolving and that such fluctuations are part and parcel of its journey towards maturity.

Featured image from iStock, Chart from TradingView

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Algorand Faces Tough Times, Records New All-Time Low As Crypto Market Plunges

Algorand’s (ALGO) performance on the charts has been nothing short of a rollercoaster. According to data from CoinGecko, yesterday, the asset’s value plummeted to a historical bottom, and it’s currently down by nearly 10% in the past 24 hours.

Algorand Records New Low

Just yesterday, amid the significant downturn in the crypto market, Algorand’s price fell below notable support. The asset dropped to a price of $0.0905 despite maintaining its stability and striving to hold its ground above the $0.11 mark over the past week.

This price move resulted in more than $50 million being wiped away from the asset’s market capitalization in the past day. Algorand’s market cap stands at a valuation of $755 million, a 7.1% drop from its earlier record of $808 million on Thursday.

Despite the bloodbath the asset’s market cap and price currently suffer, its trading volume has moved in the opposite direction. ALGO’s trading volume has surged from a low of $46.5 million yesterday to as high as sitting above $73 million at the time of writing.

Algorand (ALGO) price chart on TradingView

This isn’t surprising as it indicates a potential violent sell-off. Furthermore, it is worth noting that before ALGO’s current bloodbath, the US Securities and Exchange Commission Chairman once recognized Algorand as a “great technology.”

However, despite receiving positive reviews, even from the SEC, the asset eventually became entangled in legal disputes, leading to its inability to maintain stability and ultimately hitting a historic low.

Legal Complications Taking A Toll?

Besides ALGO’s price action, the last few months have been tumultuous for Algorand. Two lawsuits have cast long shadows over its progress. In its suit against the cryptocurrency exchange Bittrex in April, the SEC hinted that ALGO is a security under US laws.

This classification opened Pandora’s box of regulatory challenges for Algorand, impacting its perception among investors.

Further complicating matters for Algorand was another SEC lawsuit aimed at the behemoth crypto exchange, Binance, in June 2023. This litigation mentioned ALGO, exacerbating its woes and dragging it to its recent historically low prices.

When reviewing a potential cause for ALGO’s bearish moves in the past months, both of these high-profile legal disputes within a short time frame could be considered one of the reasons, as external factors such as regulatory challenges can significantly sway investor sentiment.

Featured image from iStock, Chart from TradingView

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Algorand TVL Hits $177 Million As Altcoin Rally Continues – Can ALGO Sustain This Push?

Algorand is one of the fastest growing crypto in terms of gains. According to CoinGecko, the token has appreciated by 30% in the last two weeks. With the broader crypto market rallying as Bitcoin breaks its crucial $21,000 resistance, ALGO is set to gain more in the next few days. 

The Total Value Locked department is where the ecosystem gained the most. According to DeFiLlama, Algorand’s TVL yesterday hit $177 million in value. This uptick in TVL is a bullish indicator that the ecosystem still has the momentum to reach new milestones. 

However, the token might be on shaky ground as the bears test its current support at $0.2275. 

Algorand

Algorand Developments On-Chain

Algorand’s G6 governance commitment period ended yesterday, January 16. According to Algorand blockchain explorer, AlgoExplorer, more than 4.1 billion ALGO is staked by over 31,763 governors. 

The ecosystem would pay back the governors with an annual return rate of 6.52%. This way of governance makes the Algorand ecosystem stay true to the tenets of decentralized finance. To add to this bullishness, the ecosystem also processed its 1 billionth transaction. 

With the ecosystem able to handle more than 2,881 swaps on-chain, Algorand is expected to continue growing in popularity.

Can ALGO Continue Its Climb? 

The token is currently trading at $0.2329, a nearly 1% decrease from yesterday’s $0.2341 price. The rejection at $0.2418 would delay ALGO’s recovery. With the token’s support at $0.2365 broken, ALGO investors should be able to buy the current dip in price as analysts are still bullish with the token’s price movement. 

With improving macro trends, investors and traders are more likely to enter riskier assets like cryptocurrencies. Not to mention that Bitcoin, the face of the crypto market, has broken through crucial resistance at $21k. With ALGO’s high correlation to BTC, ALGO can ride Bitcoin’s rally to reach higher highs. 

Investors and traders should watch the current market situation of ALGO as the token’s current price position as the ecosystem has been having trouble maintaining a social presence. 

ALGO holders should also watch Bitcoin’s price rise in the next few days or weeks. The $21k resistance break wiped out the lost ground following the collapse of FTX. If BTC continues its bullish recovery in the next few weeks or days, ALGO can ride the upward wave. 

But with the token facing a slight correction, this bullish break might be delayed as the bears retest the current support at $0.2275. If the bears win the struggle, the token’s recovery will inevitably be delayed.

Featured image from ThoughtCo

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DeFi Begins Recovery As TVL Exceeds $45 Billion

Decentralized Finance (DeFi) has always been the most evolving sector in the Web3 space. With new innovations and protocols popping up in the DeFi industry, the ecosystem total value locked (TVL) continued to increase until the bear market stepped in. 

The bear cycle caused a lot of downturns in many sectors of the We3 industry including DeFi. However, following the ongoing so-called ‘mini bull run,’ we’ve seen DeFi TVL start to recover from the lower lows and surge by nearly 20% since the beginning of the year. 

DeFi TVL Surges Nearly 20%

According to data from DeFiLlama, DeFi TVL has exceeded $45 billion — its highest point in the past two months. Major DeFi protocols such as Lido Finance and MakerDAO played a significant role in the DeFi TVL rise. Lido has amassed double-digit gains over the past week, adding $8.4 billion to the DeFi ecosystem since its lower low late last year. 

Though the TVL rise appears to be mirroring the crypto rally as most of the underlying DeFi tokens have also followed suit in the bullish trend, one thing worth noting is that DeFi TVL is still very far from its all-time high seen in 2021. 

Notably, Liquid staking protocol like Lido Finance is the accelerator of the DeFi ecosystem surge, having the largest DeFi market share with 14.75% dominance and leaving the former king of DeFi, MakerDAO, behind with a share of 13.25%, according to DeFiLlama.

As reported by NewsBTC, the reason behind the rapid increase in the momentum of Lido is the Ethereum Merge, which triggered the popularity of liquid staking protocols such as Lido Finance. Following the merge, the total ETH stake in Lido increased 10% from 4.43 million ETH on September 15, 2022, the date of the merge, to over 4.8 million ETH today.

Other Accelerator Of The DeFi TVL Rise

Aside from Lido’s aid in the DeFi TVL surge, the high-throughput layer-1 blockchain network, Algorand, has also been an assistant following its 123% spike over the past week. It currently has $176 million in TVL, with five of the top six leading DeFi protocols on the network having done significant percentages in gains over the past 7 days.

AlgoFi is up 121% in the last 7 days. Folks Finance is up 490%, Pact 136%, and GARD 202%, driving massive momentum into the ecosystem. 

Aave and Uniswap have always contributed greatly to the DeFi ecosystem TVL, with Aave recording over 10% in gains in the last 7 days and Uniswap recording nearly 7% in gains over the same period. Regarding blockchain, Ethereum is still the top dog with the largest share in the DeFi TVL.

Ethereum has a DeFi market share of over 50%, with a TVL of $27.16 billion. ETH has amassed significant gains in its value in the past few days amid the global market rally. 

ETHUSDT price chart on TradingView

ETH finally broke the $1,300 zone and has climbed to a higher high above $1,500. Though ETH is still far from its peak, the second-largest crypto by market cap is striving to reach its ATH and beyond.

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What’s Next For Algorand Price As Coin Continues Downtrend?

The Algorand price has been downward for quite a few months now. The coin has fallen by 1.8% over the last 24 hours. The coin has lost over 4.7% of its market value in the past week. Algorand had been consolidating on its chart over the last few weeks, but the consistent lateral trading has pushed the bulls out of the market.

The technical outlook has sided with the bears, with no clear indication of the price turning around in the coming trading sessions. Ever since ALGO lost the $0.28 price level, the coin has been unable to stop its downtrend. The aforementioned price floor acted as a crucial level for the altcoin. The Algorand price has also remained unaffected by positive changes in major market movers’ prices.

Since the altcoin was rangebound for a while, buyers lost interest and rushed to sell the altcoin. Algorand has lost over 30% in the month of December itself. At the time of writing, the ALGO price is 96% below its all-time high from 2021. The market capitalization of Algorand has witnessed a considerable decline, indicating that sellers have completely taken over the market.

Algorand Price Analysis: One-Day Chart

Algorand Price

ALGO was auctioned for $0.166 at press time. The immediate resistance for the altcoin was at $0.172. The coin has attempted to test the overhead price ceiling, but the bearish strength has taken over the market. Since demand for Algorand has fallen substantially, the altcoin can fall to $0.163 before the price reverses itself.

This could present traders with a shorting opportunity. Two crucial resistance levels were at $0.177 and then at $0.181. Moving above the $0.181 mark will help the coin target the $0.20 price. On the flip side, a fall from the present price level will bring the Algorand price to the $0.15 zone. The amount of ALGO traded in the last session was red, indicating a high selling volume at the time of writing.

Technical Analysis

Algorand Price

The altcoin has depicted a death cross at the end of November, which is an extremely bearish signal. A death cross occurs when the long-term moving average moves above the short-term moving average.

In the case of the Algorand price, the 50-Simple Moving Average (SMA) had crossed over the 20-SMA line. Ever since the death cross, ALGO has been under the grasp of sellers.

The Relative Strength Index stood on the 30-line, a sign of the asset being oversold and undervalued. Similarly, the Algorand price was below the 20-SMA line as sellers continued to drive the price momentum in the market.

Algorand Price

Although all indicators pointed toward bearish strength, the Moving Average Convergence Divergence (MACD) indicator displayed green signal bars. MACD indicates price momentum and reversals; the green signal bar was tied to buy signals.

This could mean buyers can re-enter the market now as ALGO could reverse its price. However, it is completely uncertain if ALGO will recover soon. The Parabolic SAR suggests the price direction. The indicator formed dotted lines above the candlesticks, which meant a continued downtrend for the asset.

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Why ALGO Has Been Stagnant In Last 10 Days And Still At The Mercy Of Bears

ALGO, an altcoin by the Algorand blockchain with a market cap of $1.18 billion, continues to feel the effects of the intense selling pressure that caused its price to crash last month.

After trading within a narrow region from May to November that saw it establish $0.28 as its range low, the cryptocurrency devalued by 34% in December and found itself going all the way down to $0.163 – a marker that ended up being the asset’s current support zone.

ALGO, which has not made any significant increase in price in the last 10 days, is at the mercy of bears that are in control right now, threatening to push the digital coin’s value to $0.15 or even lower.

Technical indicators such as Relative Strength Index (RSI) and On-Balance Volume (OBV) are also currently favoring sellers, indicating that Algorand is headed into another bearish trajectory.

Algorand Paints Its Charts In Red

At the time of writing, investors and holders of the crypto asset has no reason to be happy as it remains in the “red zone” in all its price gauges.

According to latest tracking from Coingecko, ALGO is changing hands at $0.165, nearing its newly found support zone of $0.163.

Over the last 24 hours, the altcoin has gone down by almost 3% and is looking at a weekly decline of 4.7%.

On longer time frames, Algorand has declined significantly, dumping 25.6% of its value during the last two weeks and also losing 30.4% over the last 30 days.

Indeed, the cryptocurrency was among the many altcoins that struggled to gain their momentum back following the effects of the market-crashing collapse of the FTX cryptocurrency exchange.

ALGO A Viable Investment?

Guy, the pseudonymous host of Coin Bureau was recently interviewed and asked about the top digital coins that could prove to be a profitable for investors during a recession.

The host named Algorand as one, saying that its blockchain has put itself in a very good and strong position for the highly anticipated coming of the next crypto bull market.

“Algorand is a really interesting play for the next bull market. I think we could see a lot of really cool, interesting, really successful projects develop in its ecosystem during that time,” said Guy.

The Coin Bureau personality also noticed that there seems to be many developments in the asset’s network and there is a strong community backing it.

Meanwhile, Cosmos (ATOM), Arweave (AR), Osmosis (OSMO), Juno (JUNO) and Aave (AAVE) were also picked by Guy as potentially good investment in times of a recession.

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Featured image: Forkast News

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Buyers Rule Over Algorand’s (ALGO) Price Action, Enough To Break Above $0.26?

The Algorand price has been positive over the last 24 hours. Despite minor gains, the altcoin has been moving north. There have been many updates in Algorand’s ecosystem, which might have brought in a slight appreciation in price. As bulls slowly return to the market, investor interest has also shot up accordingly.

The technical outlook of ALGO has depicted that the buyers were dominating the market at the time of writing. Recently, Algorand’s developments have made it compatible with Cardano, which has created more liquidity injection into the ecosystem. This development could encourage venture capitalists to inject more liquidity into Algorand, thereby reflecting positively on its price.

Algorand price depicts positive predictions, but it must be remembered that ALGO’s ecosystem is developing. ALGO’s price appreciation is a matter of time as more applications get developed on the platform. For ALGO to topple above the $0.26 resistance mark, buyers have to garner further strength.

Algorand Price Analysis: One-Day Chart

Algorand Price

Algorand was priced at $0.24 on the one-day chart | Source: ALGOUSD on TradingView

ALGO was auctioning for $0.24 on the one-day chart after it noted a 1.9% appreciation. At the current moment, it can be said that Algorand is consolidating below its immediate resistance of $0.26. A move above the aforementioned price level will ensure that the altcoin can rally to $0.31.

Algorand will lose its current support level unless buying strength increases significantly. In such a case, the nearest support floor for the altcoin was $0.22. The amount of Algorand traded in the last session noted a substantial increase, which indicated that buying strength was shooting up.

Technical Analysis

Algorand Price

Algorand noted an uptick in buying strength on the one-day chart | Source: ALGOUSD on TradingView

Buyers’ interest has returned to the market as the altcoin has started to climb on its chart. The Relative Strength Index spent most of the month in the selling zone, but there had been a recovery on the indicator at press time. For ALGO to touch $0.26, the RSI has to travel above the 50-mark.

Similarly, although the Algorand price was progressing upward, it was still below the 20-Simple Moving Average line. With slight accumulation, Algorand would topple above the 20-SMA line. Sellers are currently driving the price momentum.

Algorand Price

Algorand registered buy signals on the one-day chart | Source: ALGOUSD on TradingView

Institutional interest has noted a positive change over the past few trading sessions. There was a downtick in the Chaikin Money Flow, which depicts the capital inflows and outflows. Despite the downtick, CMF was still positive.

If capital inflows are to remain above the half-line, demand for ALGO cannot waver. Moving Average Convergence Divergence indicates price momentum and trend change. MACD formed green signal bars after noting a bullish crossover, which meant buyers could act on it and possibly make gains.

Featured image from VOI, Chart: TradingView.com

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Algorand Social Activity Reaches 13 Million – Time To Buy ALGO?

Algorand recently received a big boost for its blockchain ecosystem courtesy of Hivemind Capital’s $25 million investment to the decentralized finance (DeFi) Layer 1 chain.

  • Algorand DeFi ecosystem recently attained new all-time high in total locked value
  • ALGO registered a 3.23% price surge before experiencing minor price correction once again
  • The altcoin is predicted to be extremely volatile over the next few days

The crypto-focused investment firm announced three days ago that it has deployed 80 million ALGO tokens across various governance and DeFi programs under the umbrella of the Algorand ecosystem.

During that time, ALGO was trading at $0.31, putting the total value of the deployed tokens to $25 million.

Hivemind Capital’s input catapulted the total locked value (TLV) into Algorand to a new all-time high of$270 million. On a week-to-date basis, at that time, the blockchain’s TLV increased by as much as 53.95%. 

The massive cash inflow, it turned out, didn’t just help the network with its total locked value, as Algorand’s social dominance and ALGO price also increased.

Algorand Social Engagement Up More Than 1,000%

According to data shared by LunarCrush, Algorand’s social engagement surged by 1,220% over the last seven days as it peaked at 12.78 million at the time of this writing.

The cryptocurrency social intelligence firm inferred this meant ALGO captured the interest of a large part of the crypto community.

Moreover, the upcoming FIFA world cup might have spurred interest for both the blockchain network and the crypto as five months ago Algorand announced it will be one of the sponsors of the much-anticipated sporting event.

The huge boost in social status proved to be a good trigger for Algorand as it also translated into a price pump for the altcoin.

ALGO increased by 3.23% over a 24-hour period as it traded for $0.32. At press time, however, the digital asset experienced price correction as data from Coingecko showed it was changing hands at $0.319.

Time To Double Down On ALGO

Different indicators from Algorand’s trading chart signals it may be time to take further risks in ALGO holdings as bigger rewards could be expected.

Bollinger Bands indicate ALGO will be extremely volatile over the next few days which might help trigger price increase for the altcoin.

Meanwhile, the Moving Average Convergence Divergence (MACD) showed Algorand buyers (represented by the blue line) are still dominating the sellers (orange line).

Source: TradingView

As buyers continue to prevail over sellers, a short term bullish streak could happen soon for the digital asset.

Perhaps crypto investors have already predicted this trend for Algorand, as there’s been a significant increase in ALGO addresses.

By the end of September, active addresses were at 15 million. Recent data, however, show the number increased by 200,000.

ALGO market cap at $2.9 billion on the weekend chart | Featured image from Forkast News, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.

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Algorand: ALGO Price All Go With Nearly 30% Rally In Last 7 Days

In only the past week, ALGO has grown by a whopping 30%. Some may not be surprised by this development, as Algorand collaborated with FIFA to create FIFA+ Collect, a platform where fans can buy digital collectibles in the form of NFTs. There has been a dramatic impact on the environment as a result of this alliance.

A tweet from @intotheblack shows that the number of unique addresses that have completed their first transaction for ALGO has increased from 5,000 to 20,000.

There has been an increase in the cost of ALGO because to the increased number of transactions using unique addresses. As of this writing, the price of one coin is somewhere between the 23.60 and 38.20 Fibonacci retracement levels, or about $0.3949 and $0.3724.

There is no denying the ripple impact that this collaboration has on all of Algorand. But will the agreement lead to additional price increases, or is this simply a temporary boost?

Image: NFTgators
ALGO Gets Boost From FIFA+ Collect

The price of ALGO increased by 31.18% in a matter of hours on the press day of the FIFA+ Collect release. To sum up, the coin is up 27.54% from September 22nd when trading began till today, September 26th.

As of this writing, ALGO is trading at $0.3662, down 5.8 percent in the last 24 hours, data from Coingecko show, Monday

Information provided by Santiment suggests that the cooperation has an impact beyond only the pricing.

Algorand’s NFT sector has witnessed a dramatic increase in activity. From September 21 to September 22, the total volume of NFT trades surged from $186,000 to a staggering $606,000.

This is not the only positive development for the ALGO token and the Algorand ecosystem in general.

The TVL of ALGO observed an increase in staked tokens. From September 22-24, the TVL increased from $234 million to $263.69 million. The Algorand ecosystem also had a significant overhaul.

Additionally, the ecosystem implemented the State Proof procedure. This version provides an additional layer of protection against quantum threats and enables the development of “decentralized bridges” to connect Algorand to other blockchains.

ALGO Bullish Momentum Subsiding?

At the time of writing, the coin’s price has already reached above the double-bottom support level at $0.3687.

This may indicate that the bullish momentum has waned and the bears are currently taking the driver’s seat.

Considering this, ALGO can fall to a relatively secure position near the 50 Fib level. This level will serve as the token’s support. However, it cannot fall below the indicated Fibonacci level, as this would indicate a bottom on September 22.

ALGO total market cap at $2.25 billion on the daily chart | Source: TradingView.com

Featured image from Forkast, Chart: TradingView.com

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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.

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”.

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.

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 (ALGO) Posts Double-Digit Price Drops In Last 30 Days

Algorand native token, ALGO, has dropped 17% since the start of this month and has now joined the group of cryptocurrencies whose prices have tumbled by double digits this month.

  • Algorand sheds 91.30% from ATH of $3.28
  • ALGO price now trading at $0.2985
  • MFI at 17 reaches oversold zone

Away by 91.30% from its record high of $3.28, ALGO is the 30th-ranked cryptocurrency with the greatest market capitalization. 

ALGO Price Loses 0.81% Of Value

According to CoinMarketCap, ALGO price has dipped by 0.81% or trading at $0.2953 as of this writing.

Contrary to popular belief, the Algorand chain experienced some ecosystem growth in the previous month despite a month-long reduction in the value of its coin.

On Monday, Algorand’s price increased by more than 5% and closed the day’s candle at +$0.0156.

The levels visible on the ALGO/USD 1D chart are crucial for short-term bullish traders. Since they successfully held the $0.28 barrier, bullish ALGO traders’ overhead goals are $0.3409, $0.3803, $0.4199, $0.4709, and $0.5799.

The traders that have been in charge of this market over the past week are bearish Alogrand traders, who are at odds with the bulls. In order to breach the bottom of its current range at $0.2556, bearish ALGO traders want to drive the price of the algorithm below $0.27.

Source: TradingView.com

ALGO’s average price over the previous 30 days was $0.33, showing a -10.79% value drop. Algorand’s price [+5.52%] completed its daily candle on Monday at $0.298 and is back in the green. On Sunday, it had finished in the red.

The total number of addresses on Algorand was 27,769,031, as per information from its Developer page. Addresses on the network climbed by 5% over the previous 30 days.

Additionally, the value of the entire network’s fungible and non-fungible Algorand Standard Assets increased by 1% over the previous 30 days. This was 5,553,018 at the time of publication.

ALGO Transactions Dropped by 3%

Nevertheless, despite these improvements in its ecosystem, the number of transactions that were successfully completed on the network decreased over the past 30 days.

A 3% dip was noted over the timeframe period under review, with 1,074,114 transactions executed as of press time.

The coin’s Money Flow Index (MFI) was at 17 as of the time of writing and was heavily oversold.

Interestingly, despite the ALGO coin’s price continuing to fall during the past 30 days, the number of daily new addresses and daily active addresses using the coin increased throughout that time. 

In fact, the ALGO network saw an increase in new addresses of 830.47% over the previous week. Also, daily active addresses trading ALGO coins increased by 251.50% throughout the same time frame.

Despite these outstanding on-chain achievements, weighted sentiment showed that the market as a whole was still dubious.

ALGO total market cap at $2 billion on the daily chart | Source: TradingView.com

Featured image from Crypto Economy, chart from TradingView.com

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Preference For Ripple XRP Surges Among BSC Whales

There has been a long ongoing lawsuit between Ripple (XRP) and the United States Securities and Exchange Commission (SEC). Throughout the case, Ripple’s native token, XRP, has not seen any progressive growth. This stagnation in its price move has lingered even before the emergence of the extreme crypto winter.

But things seem to be taking a dramatic twist for XRP recently. With the ruling of the case, the price of XRP is positively waking. Also, the crypto coin is gradually becoming the leading choice for most BSC whales.

Related Reading | Bitcoin Funding Rate Turns Highly Positive, Long Squeeze In The Making?

XRP has shown more stability amid the collapse in the broader crypto space. It’s among the rare tokens that have not demonstrated a massive swing in value. Within 30 days, the XRP price has displayed a 1% marginal increase. This impressive trend is quite the opposite of the king of crypto Bitcoin. The price of BTC has dipped by almost 10% within the same period.

WhaleStats showed that XRP has suddenly risen as one of the most used smart contract tokens. It noted that this trend has persisted over the last 24 hours among the 1,000 and 500 BSC whales. Also, the record from the firm displayed that the top 2,000 huge investors on BSC hold large XRP tokens worth about $15.09 million.

Following the announcement of the long-running lawsuit between Ripple and SEC, the hike in the whale activities for XRP heightened.

XRP trends upwards on the daily chart | Source: TradingView.com

Through Judge Netburn’s pronouncement, the court has denied SEC’s assertions over Himan’s ETH speech. Also, the commission received the court’s mandate to produce all relevant internal documents.

The court order stated that the commission is expected to submit the two proposed redactions to enable in-camera review by the court. Ripple’s attorney noted that the SEC could appeal the court’s decision to Judge Torres. Also, the SEC could demand up to one or two weeks as an extension for filing the objection.

Ripple XRP Gets More Listing of Pairs

In a new development, the Bitrue crypto exchange is offering its support to Ripple XRP tokens. According to the exchange’s statement, it would list up to 10 XRP pairs on its platform for customers. In addition, the exchange stated that its pair would be on crypto SAND, MANA, AAVE, BTTC, ALGO, AR, APE, CHZ, HBAR, and DENT.

Related Reading | Market Update: MATIC, UNI And AAVE Outperforms While Bitcoin Strugles To Hold Above $20k

Data from reporting source highlighted that XRP is currently trading at $0.35 at the time of writing. With a trading volume of about %1.11 billion. Ripple XRP still maintains its market cap, which is more than $15.22 billion.

Featured image from Pexels, charts from TradingView.com