Hello Steemians, how are you doing today, I hope you are as sound like never before. Today I am here again to present my 2nd competition which is called day 2 trading competition that i did. In this day 2 competition, after buying ADA/USDT in my day 1 trade I will be buying ALGO/USDT as I kept on waiting for my profit to rise in my day 1 trade before I sell. Although, I am still maintaining my team which is fredquantum-kouba01 Traders Team.
The name and Introduction of the project token
When discussing about about blockchain based network that supports a large range of applications then you should know that it's Algorand. It system are very secure, efficient and scalable to handle all properties that seem critical for effective applications in the real world.
ALGO is the native cryptocurrency token of the Algorand furthermore, Algorand chain is known as an open source blockchain that was developed by the Algorand trading firm that deals with payment and other financial services.
Algorand was founded in 2017 by a renowned professor at the Massachusetts Institute of Technology (MIT) whose name is called Silvio Micali. He is the winner of the Turing Award that took placed in 2012 for his groundlaying and contributions to the practice and theory of securing two party calculation, cryptocurrencies, blockchain protocols and electronic cash. With all what his has done both in financial institutions and blockchain network. Silvio Micali can't be unforgotten in the history of crypto base on his contribution which makes him so foremost today.
The aims to why Algorand was invented is to improve efficiency and speed up transactions, base on how slow Bitcoin transactions and other blockchains transaction was. Also Algorand is designed for the purpose of lowering transaction fees in the crypto industry as well as reducing the mining intensive that is associated in cryptos, which is the main reasons why it's based on a permissionless pure proof of stake blockchain network.
Why I am optimistic about ALGO token today, and how long I think it can rise.
For the fact that I am investing in ALGO, isn't a means that I am so optimistic of the token if it will rise overnight for me to be rich. The main reason to why I am optimistic about ALGO token is that I am strongly convince that the token has a bright future ahead starting from 2022 beyond, couples with the developments that is going on within the ecosystem of ALGO, must especially in the crypto market, ALGO may likely reach s new heights that will be above $2 before the end of 2022.
From the chart above, we can see that the relative strength index (RSI) of ALGO is slicely above 50 from the chart, and we can also see that the present trend is not strong enough. Although, since it is facing uptrend, it could move far above 60 relative strength index, to indicate how strong enough the trend is. Iooking at the chart very well we can see that ALGO is about to start with a bullish trend which has shown that there is possibility for the price to rise above $0.8029 and get over to $0.9627 before this week runs out. Although, there are some other things that I may optimistic about ALGO token today, and how long I think it can rose, some of these are;
AlGO has a very low costs and it's highly secured in terms of scalability which is stimulate for building businesses which is one of the reasons that can make the Algorand chain to become one of the most used blockchain.
AlGO is very fast and easy to use token for payment or any financial services.
Analysis of Algorand (ALGO)
Currently, as at the time of writing this analysis ALGO is ranking 29th on Coinmarketcap. But will the current changes development in the blockchain industry help ALGO price to rise higher than it recent price? So in order for we to know this let's take a look a chart of ALGO/USDT pair to see how price flow.
Looking at the screenshot above, we can see Kenelth channel Indicator on the chart of ALGO/USDT, show how price seems to be moving across the second part of the curve. If the could have their way into the market, the price of ALGO can rise faster.
We can see that the relative strength index (RSI) of ALGO is slicely above 50 from the chart, and we can also see that the recent trend is not strong enough. Although, since it is facing uptrend, it could move far above 50 and get to 60 (RSI), to indicate how strong enough the trend is.looking at the chart very well we can see that ALGO is about to start with a bullish trend which has shown that there is possibility for the price to rise above $0.8029 and get over to $0.9627 before this week runs out.
Also again looking at the chart above, we can see a two moving averages 90-MA and 30-MA. From the chart we can also see that ALGO is about to enter into a bullish trend as the 90 moving average is above that of the 30 moving.
Looking at this I quickly open my Binance exchanges a buy AlGO using my USDT.
At the Binance spot trade I open ALGO/USDT using a limit order since price is on a bullish trend which was trading at $0.8035 I then set my buying price at $0.8026 which is below the current market price. Below is the screenshot of the order place.
My order became executed after 1 minute of place the order which we can see from the screenshot below.
My Plan to Hold ALGO long or Sell
Although, I see ALGo as a token that has the future of rising anytime soon. Even the one I just bought I have make a little profit from. Basically, my plan is to hold ALGO token for a long time but I can't just concluded on that because no one know what might likely happened to him/her in the future. All what I will say for now is that I keep on holding the token until when financial needs arises. And also if I should have money today I will invest more on the tokens because from my analysis I came to find out that is the ALGO continue moving in a bullish trend the token will reach $2.5893 before the end of 2002. Additionally, the first quarter of 2022 is going to show how far ALGO can grow of which I strongly believe that it can rise up to $1.6537 in it first quarter of the year 2022.
Reasons why I am recommending traders to buy ALGO
Buying and selling of ALGO token is just as the same way you have been trading on other token out there. AlGO token has a brighter future ahead starting from 2022 beyond. Just as I have earlier said, with the development that is rapidly going within the Algorand ALGO ecosystem, and in the crypto market as a whole, AlGO token might likely get to a new heights in price. Another reason to why I recommend this token is that when you are looking for the token that has contributed in making sure that the crypto industry become a successful place you should know that ALGO is not left behind because it has contributes a lot, which means that buying this token can make your portfolio go a long way.
Conclusion:
Algorand (ALGO) is a decentralized blockchain network that is self sustainable on it own, that supports other applications. Algorand is more scalable efficient and secure for application that is to be used in the real world. All thanks to professor @kouba01, @fredquantum and the entire Cryptoacademy community for they supports and correction of errors.
Disclaimer : Please note that all my views opinions, suggestions stated in this article are all for me as the author and not for you as the readers to take actions in what you don't feel like doing. Finally, write up an data that is used in this write up should isn't suggested as Investment advice in any way. So please, it's always advisable for you to carried out your own research before investing.