It was a rough week in cryptoland with significant price drops, just after the first country in the world introduced bitcoin as legal tender. The president of El Salvador was not very concerned and indicated that he used the dip to further expand the country’s bitcoin supply.
Prices have now calmed down somewhat and we are already seeing nice increases in some cryptos. One of the climbers is Algorand, which has rebounded strongly in recent days. https://folm.io/ has enough information. Algorand is a fairly young blockchain project that aims to create more transparency, decentralization and security in new applications and projects.
The Algorand Foundation provides support to developers in launching blockchain projects. It recently became known that the company is also active in El Salvador to implement new blockchain techniques in the country. The price certainly seems to have risen sharply due to this latest news.
ALGO, the token of the Algorand blockchain, moved for a long time in a broad neutral range below the USD 1.85 resistance after its strong rally early this year. After the price was recently caught at the lower end of this bandwidth around $0.67, the token has rebounded strongly.
The corrective phase has been exited and ALGO has immediately broken through the resistance at the top of the bandwidth. Renovato.io has enough information.This has cleared up the technical picture considerably and space has become available for a larger increase. Next price target is now at the all-time high from 2019 around $3.77.
In the longer term, it is noticeable that the price has been moving in an upward trend for some time. After ALGO has recently been caught at the bottom of the trend, a new phase of uptrend has started. The break above the latest highs has given the uptrend a new boost.
During the most recent advance and the breakout above the old peaks, turnovers have increased significantly again. This is a positive signal and supports the view that the price may rise further. The technical picture remains positive as long as the rising phase continues.