The Algorand price is hovering near its highest level on October 27th as momentum in cryptocurrencies resumes. The ALGO token is trading at $2, which is about 28% above the lowest level in September.
Algorand is a relatively popular blockchain project. Its popularity grew during the so-called “Ethereum-season” that happened in September. At the time, the price of its ALGO token jumped by almost 270% from a low of $0.6950 to a high of $2.5567.
For starters, Algorand is a blockchain platform that helps developers build quality decentralized applications. It mostly focuses on the financial system. Its goal is to help developers build applications that link traditional financial solutions to the current trend of decentralization.
Many developers prefer Algorand for several reasons. For one, is technology is relatively fast, secure, decentralized, and forkless. It is able to handle more than 3,000 transactions per second, which makes it faster than Ethereum and Solana. The developers expect that they can scale this speed to about 45,000 tps.
Today, Algorand is used by several key institutions. Some of the developers using it are Six Clovers, BridgeTower, and LoopTribe. And its ecosystem is growing rapidly. Therefore, the key challenge for Algorand is that it is facing significant competition from the likes of Ethereum and Solana.
On the daily chart, we see that the Algorand price has remained in a tight range in the past few weeks. Noticeably, the coin has struggled to move above the important resistance level at $2.08. It failed to jump above this level several times in September and October.
It has also formed what looks like an ascending triangle pattern. The coin is also being supported by the 25-day and 50-day moving averages. Therefore, with other cryptocurrencies rising, there is a likelihood that the coin will stage a major bullish breakout in the near term. If this happens, it will certainly soar to its YTD high of $2.57.
This post was last modified on %s = human-readable time difference 05:31