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Algorand Shows Recovery at $0.30; Is It the Right Time to Buy ALGO?

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Algorand development raised over $126 million across various token sales in 2018 and 2019. A significant amount of this money was returned to ICO investors as a buyback program, and Algorand has raised hundreds of millions of dollars more through various cryptocurrencies.

Algorand’s mainnet went live in June 2019, and the project is still in development with most of the core features and functionalities that have been completed. 

Under the hood, the Algorand blockchain uses Pure Proof of Stake, a novel Proof of Stake consensus mechanism, making it possible to process around 11,000 transactions per second. The Algorand blockchain is secured by close to 120 validator nodes, which choose one of many participation nodes to propose blocks.

Becoming a relay node requires coordination with the Algorand foundation and more advanced hardware. Only around 20% of algorithms relay nodes are run by entities not directly affiliated with the Algorithm Foundation.

ALGO currently holds a market capitalization of $2,428,678,357, with 6.9 billion tokens already under circulation. It currently acquires the 26th spot in terms of valuations and continues to grow its user base despite the downtrend momentum in blockchains. Check out the ALGO price prediction to know whether its price and market position will improve or not.

ALGO price took a sharp consolidation from September 2021 and carried the sentiment till the beginning of 2022. Failure to provide a strong buying potential and crypto-wide negative price trend resulted in declining price valuations. Finally, January 2021 resulted in the breakdown of prices.

ALGO PRICE CHART

Algorand’s price was fairly positive even during the peak negative momentum of major cryptocurrencies. The alarming concern of Algorand’s failure to cross over its ICO launch price of $2 indicated a structured selling from the foundation itself, which is reported to stop selling only if the daily lower circuit hits 10% below the last closing price.

ALGO cryptocurrency shows some buying near the support of $0.30, with wicks forming alternate days on June 13th and 18th, 2022. Subsequently, ALGO crossed the last reversal level of $0.3480 on June 15, 2022. 

The Relative Strength Index has crossed the neutral level of 45 and continues to move upwards despite a limited buying sentiment shown by the price momentum. The next move would be targeting $0.40 levels to showcase a buying rally in the longer-term charts.

Furthermore, 100 DMA has dipped below the immediate resistance level of $0.50. Crossing this level now would bring extreme buying sentiment in the short term, which would also carry an upside movement of significant market gains. 

Buyers acquiring this token would be benefited in the short term, while the long-term gains would depend on Algorand’s achievement of the proposed roadmap for 2022 development work.

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