Algorand has been a leading gainer in the past 24 hours. The rest of the market is consolidating, given that Bitcoin has failed to push past the $47K levels. The fame surrounding the Algorand blockchain skyrocketed last month after it was selected by El Salvador to aid in developing a blockchain infrastructure for the country.
Algorand is trading at $2.05 at the time of writing after a 10.5% gain in 24 hours.
Algorand Price Analysis
The crypto market has been on an uptrend since the beginning of October, and looking at ALGOs graph this month, most of the gains have been reported in the past few days.
Buyer support is currently fuelling ALGOs gains. With this uptrend, ALGO will soon test the upper resistance of $2.10. If it breaks past this level and the broader market is not bearish, we could see a further target of $2.20 being formed. Market support coming in at this point could also trigger a stronger bullish rally.
Looking at the performance of cryptocurrencies over the past few weeks, a solid bull market is yet to be established because of uncertainties across financial markets. Hence, a dip in ALGOs prices is still possible wherein the coin will slump to the lower support of $2. The coin could also rest $1.95, triggering dip buying.
The Algorand blockchain has proven to be superior when it comes to usage, given its increasing number of use cases. Recently, the blockchain launched the Ethereum Virtual Machine (EVM) compatibility to upgrade the networks smart contracts. With this added feature, smart contracts on this blockchain will have enhanced performance and attract more developers looking to leverage the platforms benefits.
Before this upgrade was announced, the ALGO token gained a major adoption after it was added to the highly active crypto portfolio of the Titan fintech app. This will increase demand for the token amongst the 30,000 clients that have assets under this fintech.
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