Hello Everyone,
lets get started...
Algorand is a decentralized blockchain network which supports a lot of wide range applications. It is self sustaining, secure, scalable and efficient enough to be relied on. It has been able to overcome all these barriers that have hinder the growth of the previous networks till now.
Algorand mainnet was launched in June 2019 and could be able to execute about 1 million transactions per day before December 2020. The live transaction mainnet metric could be seen here where it displays number of transactions, value, addresses blocks etc. As of June 2019, its ICO was held in2019 when the price of it was at $2.4.
Silvio Micali is the Founder of Algorand. He is a professor of computer science at Massachusetts Institute of Technology. In 2012 he received the Turing Award for his contributions towards the secure two party computation, electronic cash, cryptocurrencies and also the blockchain protocols. These makes Silvio Micali one of the best creators of crypto in the world. ALGO has a white paper where they indicates the Team involved, Technology, Road Map and other important information.
One unique thing about Algorand is its efficiency and the ability speed up transaction and this is to improve the slow transaction with Bitcoin with altcoins.
Despite Algorand promise low transaction fees, it still struggles get liquidity to its netwrok. So they thought having a bridge with the Ethereum network will help them attract more liquidity
The current price of ALGO is at $0.808203 USD which is down to 3.31%. It has $302,755,115 USD of trading volume and a market cap of $5,350,813,294 USD in the last 24 hours. It is ranked on number #28 based on its statistics. It currencly has 6,620,630,253 ALGO circulating supply and a 6,620,630,253 ALGO of a maximum supply.
ALGO can be currently be traded on Binance, OKX, KuCoin, Houbi, and a lot more exchanges.
I will be using a 1 day candle stick chart. I wont be using indicators this time around. I will focus more on price history for a long time analysis. I plan on holding this token for long because it has a potential. It had its all time high at $2.3 and its currently at $0.79 less than half of the price. So its wise enough to take advantage of this massive dip. For sure i know it might be a while to get where i needed so i will be with my patience along with me.
From the beginning of the year Algorand has dropped to a lost of 47% of its value from the range of $0.79 to $1.8. This tells has how the token has been volatile and the positive side is that a trader can make profit off it. This range of prices can help traders figure out the price action for the next days or weeks.
Looking at the support and resistance, the price range will be between $0.70 and $2.2 which is still not close to the support level. The support and resistance levels haven't been broken for moths now. By the end of the year I'm very optimistic that the price will trade around $2.3 which will be about 250% increase on the current price.
I will set my stop loss at $0.65 and my takeout profit at $1.6
The token has a potential to rise to $1.6 or $2.1 in some couple of months or at least before the ending of 2022. Which will be at least 2 times the amount being invested.
My plan is to hold ALGO for a long time. Its currently at its lowest moment and its will be wise enough to take advantage of the dip to make some profits.
I think yes i would but only for a long term. Its what im sure and confident of. It's possible to gain for a short period but it will need a proper technical analysis to get the prediction right. As i always say, do your own research and calculate the chance of loosing to gaining before making any decision to get into the market.
This is it for my day trade, see you all next week trades...
Interesting 🙂
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