Good day everyone; I hope you all are doing good. I am here again with my 2nd trading post of the week. And we know that I am participating in the Fredquantum-Kouba01 Traders Team.
So the coin which I have taken to make the trade is ALGO/USDT.
Why I choose Algorand (ALGo)?
Algorand is yet another public blockchain, which the developers use as it helps them in making, designing, and launching decentralized applications. The Algorand was made to the future of finance and was created on pure proof-of-Stake blockchain technology.
Algorand has the high-performing layer 1 of the blockchain, which offers scalability, advanced smart contracts, built-in privacy, transaction finality, security, and many more required for the future (Finance) world.
Silvio Micali, a professor of computer science, is the founder of Algorand. In Algorand, the transactions fees are very low, and no mining is involved in removing the energy consumption. It has increased the speed and has increased the transactions' efficiency. The Algorand got firstly live in 2019, and in 2020 it handled 1 million transactions in a month.
Projects of Algorand
As we know, the Algorand is an open public decentralized blockchain that works on the Proof of Stake (PoS) model. As it is a pretty innovative technology, multiple projects are done on this blockchain.
Some of those projects are:
PlanetWatch: Planet watch comes into being to see the air quality effect of the countries. It was an initiative to counter global pollution.
The Marshall Islands: It is a massive project, as we know that El Salvador is the only country right now that adopted the bitcoin as a legal tender. But they are not the only country that has adopted the cryptocurrency, but The Marshall Islands has also announced that it will soon make its digital currency on the blockchain. The blockchain they have chosen is Algorand.
Like these, many other projects are done on the Algorand blockchain.
Fundamental Analysis
| Price | 0.371 |
|---|---|
| Rank | # 28 |
| Market Cap | $5,538,673,540 |
| Volume | $427,186,090 |
| Total Supply | 7,059,575,326 |
| Circulating Supply | 6.62B ALGO |
| All Time High | $3.28 |
| All Time Low | $0.1024 |
Market: There are more than 100 Exchanges where the ALGO coin is being traded. Some leading exchanges which are trading ALGO are:
- Binance
- Houbi Global
- KuCoin
- Coinbase
- Kraken and more
Wallets: There are 7 wallets where we can have our ALGO coins.
- Ledger
- Trezor
- Math wallet
- Trust wallet
- Coinbase
- Algorand wallet
- Atomic wallet
Technical Analysis
We know that technical analysis is also the central part of investing in any coins. So I have chosen the pair of ALGO/USDT, and to trade, I have chosen the Binance platform.
As you can see in the above screenshots, I have taken 4 technical indicators: the Ichimoku clouds, RSI indicator, MACD indicator, and double EMA.
And there we see that the double EMA are crossing; the Ichimoku cloud is in green, which means the volume is increasing. The RSI indicator is also moving up, showing the buyers are in power, and the MACD indicator is also crossing, which confirms the signal.
As you can see, I have made my entry at 0.8496, and I have invested 39.9312, and for that, I have got 47 ALGO coins. In that my Take profit will be at 0.8700. And now I am planning to sell it in a day as it is a short-term trade.
Recommendation
My recommendation for if you should make the buy trade or not? The market is a little volatile, and the Bitcoin price is standing at the resistance, and if it breaks the resistance of $46k, the price of every coin will go up. If you want to trade in the Short term, then you should study the market very carefully, but if you want to go for the long term or even want to sell in 3-4 months, then it will be a good investment for you all.
Cc, @fredquantum
Regards,
@maazmoid123