Algorand’s price is trading above its opening price by one per cent, a continuation of the recent resurgence of the cryptocurrency that has seen it grow by 11 per cent in the past three days. The recent Algorand price surge comes amidst news of Algorand’s integration with Oracle. The project, which is being referred to as Algoracle, will provide Algorand with a native oracle service that will bootstrap the ecosystem’s expansion. This will help the platform integrate decentralized applications into the real world.
The current surge may also be getting fueled by the news of Algorand’s commitment to fighting climate change. According to reports, the platform intends to take over times square in New York City this Earth Day to advocate for a greener future. The adverts on Time Square will also serve to educate Algorand users about their platform.
They are aiming to debunk myths about the carbon impact of blockchain technology and bring awareness to the environmental costs to the Times Square billboards. Though a small gesture, the latest move to highlight how environmentally friendly their platform is will likely result in more users of the platform. This is likely to transform into a bullish move in the markets.
Algorand prices are currently on a three consecutive days bull run, which started after the prices hit the $0.66 support level. In today’s trading session, the cryptocurrency is up by over a percentage point and looking very likely to close higher by the end of the day.
Using the chart below, I expect the prices to continue with the current bullish surge. There is a high likelihood that the current price gains is a result of a trend reversal. Therefore, I expect the prices to approach the $0.98 resistance level, and there is a very high likelihood of prices trading above a dollar in the coming days. This can be confirmed by both the Williams Alligator in the chart below and the RSI. The two indicators show strong signs of a possible high volatility bullish move that is likely to push past the dollar mark.
This post was last modified on %s = human-readable time difference 15:04