Welcome back to the best venue for all about Cryptocurrencies! New coins bring in new excitement. Algorand is here to bring much higher excitement for you as it has been showing a serious movement in the prices! What exactly is happening in the prices? Stay tuned to find out more about it! Today, here at How2Crypto, we will be looking into Algorand and the rising prices that have been noticed in the recent past.
We will look into the reasons for this increase in prices and will also deal with the major things that will be and have been in the past, responsible for the increase in prices that we see today. Stay tuned till the end because there are certain things that need a lot of understanding. If you want to stay up to date with all the crypto news, you need to like and subscribe.
Don’t miss anything because there is a lot to cover, and every element is essential! Be aware of bulls and bears in the future. Also, before we get into it deeper, allow us to mention that we are not financial advisors. Anything being mentioned in this video forms a part of an educational or an entertainment video, meant purely for you to be informed.
We request you to consult your financial advisor before making any huge decision and conduct your own due diligence before no one knows better about your portfolio than you. Having said that, let us get into today’s video with no further delays. The price of Algorand rose for the first time in a week or so. This happened as we started seeing the cryptocurrencies bouncing back in the market. The price rose to $0.80, which brought forth an increase of around 20%.
Let us look at what is happening in recent times. As of June 26, 2021, the price of Algorand is $0.815, which means that the prices have been holding off at higher levels in recent times. This is a good indication and increases the chances of a potential increase in the prices soon in the future. What we need Algorand to do is keep creating these higher highs that it has been creating.
Looking into the daily chart, you will see that there has been an ascending triangle being formed, and the trend lines have constantly been taking the price of the coin higher and higher. The best part is that this increase in price is not taking place in an unsustainable manner.
The rise in the prices is gradual, steady, and has been taking support at substantial levels. This averts the risk of an increase in prices at such a high range that they no longer have enough strength to hold back at such high points. This is perhaps one of the major reasons why we feel that the prices will continue to rise for a longer duration.
As there is a high strength involved, we will see the prices rising steadily and very gradually; therefore, one major thing to have is patience as it grows slowly. With a market cap of over $2.5 billion, we will be able to see the price increase as soon as more and more people start getting aware of its presence. Now, let us look at some other details that may push the prices higher for Algorand.
Most importantly, we think that the current rally in prices will hold. Even though we already have seen an increase of around 20% from the initial prices at which it hit the market. Even though we did see this increase, since the past two days, the price has been falling down through a minor margin. Even though this is not something to be worried about highly, let us look at the fall that we see in recent days. The prices did fall below the 25 and 50 day moving averages on the daily charts.
It even dropped below the 61.8 Fibonacci levels, which was one of the major events to be kept an eye out for.
We do have a major support level at $0.70. These support levels must hold the current fall. This will help the prices rise back and therefore be able to continue to Bull Run that we noticed prior to the fall. Being a leading blockchain network, it has an ecosystem that can expand in a much lesser duration of time.
There are many industries that have started using Algorand in their companies to ensure a better system. One such example is MAPay. This is a global healthcare technology firm that has decided to use the Algorand system of blockchain. The objective here is to reduce the costs in its Bermuda Operations. Notwithstanding here, we also saw Exodus issuing a security token on Algorand and the B next launching a next-generation remittance service.
The jurisdiction of this project was throughout Spain and Latin America. As Bitcoin was pushed off the company by Tesla for not being environmentally efficient, it was an indication for all coins to step up when it comes to environmental efficiency. Understanding this, Algorand has been developing the best possible technologies to ensure minimum carbon footprints and the ones that will not contribute to climate change.
They have been able to achieve this target by getting into partnership with ClimateTrade. ClimteTrade has been helping companies reduce their carbon emissions to the best possible levels. Unlike Bitcoin, Algorand uses a Proof of stake system that helps them reduce the emissions yet again at a significant level. As a matter of fact, 2021 has been a good start for Algorand.
Looking at the charts, you may be able to see that the rise in the prices, in fact, started gaining momentum from the very first day of this year. After starting off from that point, we saw the prices topping off at the $1.7 mark before dropping off a bit on February 18, 2021, to touch $1.4. After a few more spikes in the market, Algorand did see another spike in the prices that helped it touch the $1.69 level on April 17, 2021.
This was yet again very significant because right after this happened, the prices started falling. We think that one of the major reasons for this fall in the prices was the overall fall in the prices that were noticed in the crypto market. Despite that, Algorand has been keeping up well, and it showed that on the graph as well as it tried to gain back the momentum; however, it consolidated to break down at the $1.5 mark.
This level was significant as it forms a minor resistance point that the prices will have to cross in the future. The stronger point is perhaps at the $1.7, in the long term and in the short term, with respect to the prices at which it currently is at, we think that there may be resistance at the $1.08 mark. We say so because the price has, on multiple occasions, tested this point in the past. We did see some resistance being formed at this point on 24 April 2021.
After that, on around June 3, this price level has also become a resistance which prevented the prices from pulling back over the said point. This happened yet again for a couple of days after June 6. On the Fibonacci index, we think that the current substantial resistance will be somewhat around the 38.2% Fibonacci level. This coincides with what we mentioned earlier about having a possible resistance at $1.08.
This double-checks if we really have a resistance point at that level. It will be imperative for the coin to break out through this level and get over the charts as soon as possible. However, at the same time, the Relative Strength Index, which has been on a considerably better level, forms one other reason why we think that there are high chances for the prices to increase. We do not find a substantial point around the 50% Fibonacci levels; therefore, we will not be considering the same for Algorand temporarily. The spike in the Month of May took support off from the 61.8% Fibonacci level marks twice in a row, and therefore, we do expect the same to happen once we cross the said mark.
We think that this will happen only by the end of July. As we mentioned earlier, what we prefer to have is a slow and gradual increase of prices, which will be for a longer-term than having short-term spikes in the charts that will just add on to the already existing high degree of volatility in the Cryptocurrencies. All the prices that we mentioned are based on historical data, and even though it is not necessary that history necessarily has to repeat, it is imperative to understand that this is how the crypto world has been working ever since it first started.
Speculations, in fact, for the heart of Crypto investments; this is why we recommend you to conduct your own due diligence before making a purchase. The only thing we do not want to see you in is a financial loss. Algorand is a good option; the prices have been on a steady increase over time. We cannot expect the price to continue rising forever; therefore, the current fall is actually just like a cool-off period for the coin before it starts rallying back up again.
So there you have it! And with that, we have come to the end of our content! We hope you enjoyed the content, and let us know in the comments how much your crypto will be worth next year. Make sure to subscribe and give us a thumbs up! See you tomorrow at How2Crypto with more Crrrripto updates!.
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