Algorand Price Up By 18.27% – Time to Buy ALGO Coin?
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Despite not being a popular decentralized finance (DeFi) platform, Algorand blockchain has continued to trend upward and has seen several investors flock to buy ALGO.
In a market sphere dominated by Bitcoin and Ethereum, Algorand has forged an entire developer ecosystem for itself and has been making key strategic partnerships in the past few weeks.
This has paid off as Algorand shows a strong 24-hour rally as the broader crypto market struggles to shake off the bears.
This article explores the technical and fundamentals of the Algorand blockchain to see if now is a great time to buy ALGO.
ALGO: Posting Strong Daily Gains
The crypto market is struggling against the bears and has been down 0.37% in the past day. Algorand has been an outlier and is up a whopping 18.27% in the last 24 hours.
This sees the popular Ethereum competitor trading at $1.9647 on the daily chart. However, weekly gains are in the red zone as ALGO has been down 1.95% in the past seven days.
Today’s rally has proven a major boost for Algorand’s market cap, up 18.20% and trades at $12.1 billion. The 24-hour trading volume increase of 518.54% puts ALGO trading at $3.61 billion, indicating that investors are keen to buy ALGO.
Having attained an impressive all-time high (ATH) of $3.56 on June 20 2020, ALGO is on a steady rise to catch up and even surpass this benchmark.
Algorand is currently ranked the 20th-largest cryptocurrency with a market cap of US$11 billion, according to data from Coinmarketcap.
ALGO: Technical and Fundamental Analysis
ALGO 20-day Moving Average (MA) is currently trading below the assets current price, sitting at $1.86, an indication of the bullish run that the DeFi asset is on.
The Relative Strength Index (RSI) of 52.3 signifies that ALGO is in the underbought region. Thus, this represents a good time to buy ALGO.
As for fundamentals, Algorand is entering into a partnership with ePioneers, according to a news article published on Algorand blog on November 18, 2021.
The partnership will build the world’s 1st NetZero climate wallet that will enable anyone to grow climate portfolios using the most biodiverse natural ecosystems in the world.
The ALGO ecosystem has been one known to favour a more sustainable approach to blockchain building. This news will be a welcome development, especially for advocates of renewable energy and climate change.
In another development, a global healthcare technology firm, MAPay, is working alongside the decentralised payment network to issue a stablecoin that will process over $800 million worth of healthcare-related costs in Bermuda.
The firm believes the partnership with ALGO will be a game-changer and bring major advancements to the slow and cumbersome traditional health care payment system currently being operated.
Meanwhile, ALGO achieved a breakthrough when it pioneered the world’s first COVID passport powered by blockchain, which has gone live in Colombia.
This initiative resulted from a joint project between Algorand and Koibanx. The project’s output is expected to generate user-friendly, reliable, and simple experiences for patients, thus making a digital certificate a reality. With this innovation, the world can now say goodbye to paper COVID certificates.
The plunge of ALGO into eco-friendly and health projects has furnished the network’s image as one supports projects aimed at human development.
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