Algorand Crypto is currently trading above the 20 days EMA and is still lagging behind 50,100,200 day MAs.

The current price of Algorand Crypto is hovering around $0.2189 with a drop of 0.79% during the last intra-day trading session.

The pair of ALGO/BTC is currently at 0.000007735 BTC with a drop of 0.59% in the last 24 hours.

Algorand’s price is currently hovering around $0.2189 and fell by roughly 0.79% intraday. The ALGO/BTC combination is currently worth about 0.000007735 BTC and dropped by 0.59% in the last 24 hours. The bears must take action right away. The bulls tried to join trades as the bears attempted to drive the price of the coin back into the bears’ domain. They have succeeded in foiling the bull’s strategy by doing this, but they are now trying to push the market back into the bull’s area.

If the coin gains some upward momentum, the price may strengthen up to the primary resistance of $0.2368. If the bulls succeed and the bears remain inactive, then the price may reach up to the secondary resistance of $0.2858. But if the current bearish pattern continues, the price could reach the primary support of $0.1893 or fall further to the secondary support of $0.1633.

Source: ALGO/USD by TradingView

In the past 24 hours, the volume decreased by almost 37.40%. The volume has been dropping gradually, implying that ALGO is facing more short pressure. The market cap-to-volume ratio is 0.0258. The MACD and MACD signal intersected, giving the negative crossover.

The Technical Analysis of ALGO

Source: ALGO/USD by TradingView

The Relative Strength Index (RSI) returned from neutrality and read 48.42 and the average RSI is 47.49 (at press time). ALGO price is currently trading above the 20-day EMA and is still lagging behind 50,100,200 days of the Daily Moving Averages.

Conclusion

ALGO price pattern shows high volatility on the 1-day chart. Current (at the time of writing) Algo price is $0.2179. It recorded a drop of 1.63% in the last intra-day trading session. Trading volume for ALGO fell, indicating that the sellers were trying to enter the trade. The bearish dominance on Algo might bring it to its all-time low.

Technical Levels

Support Levels: $0.1893 and $0.1633

Resistance Levels: $0.2368 and $0.2858

#algorand #Binance #crypto2023 #crypto #crypto101

Chapter 3 - Web3 Tools and Platforms

Web3 tools and platforms are essential components of the Web3 ecosystem, enabling the development and deployment of decentralized applications (dApps) on blockchain networks. These tools empower developers to leverage blockchain technology, smart contracts, and decentralized networks to create innovative and user-centric applications. In this chapter, we will explore some key tools and platforms that are driving the growth and adoption of Web3.

Ethereum is a leading Web3 platform that revolutionized the blockchain landscape with its support for smart contracts. It provides developers with a robust ecosystem and development tools, including Solidity (its programming language), Ethereum Virtual Machine (EVM), and various frameworks like Truffle and Remix. Ethereum's scalability challenges have led to the emergence of layer-2 solutions, such as Polygon and Optimism, which aim to enhance its scalability and usability.

Polkadot is a multi-chain platform that facilitates interoperability between different blockchains. It offers developers the ability to create and connect multiple specialized blockchains called parachains, allowing them to build scalable and customizable dApps. Polkadot's governance framework, Substrate, provides developers with tools for creating their own blockchains, enabling greater flexibility and innovation.

Algorand is a high-performance blockchain platform designed to provide fast and secure transactions. It utilizes a pure proof-of-stake consensus algorithm, ensuring decentralization, security, and scalability. Algorand's developer tools and SDKs make it easier for developers to build dApps with features like atomic swaps, asset tokenization, and decentralized finance (DeFi) applications.

Truffle is a popular development framework for Ethereum dApps. It offers a suite of tools and utilities that simplify the development, testing, and deployment of smart contracts. Truffle provides a development environment, testing framework, and asset pipeline, making it easier for developers to write, compile, and manage their smart contracts.

IPFS (InterPlanetary File System) is a decentralized file storage system that allows users to store and retrieve data in a peer-to-peer network. It uses content addressing to identify files based on their cryptographic hash, providing a secure and efficient way to store and distribute data. IPFS is often used in Web3 applications for decentralized file storage, content delivery, and data sharing.

Web3 tools and platforms are the building blocks of the decentralized future, empowering developers to create innovative and user-centric applications on blockchain networks - Crypto Scope

These tools and platforms are just a few examples of the diverse and evolving Web3 ecosystem. They enable developers to create decentralized applications that offer increased privacy, security, and user control. As the Web3 space continues to grow, new tools and platforms will emerge, providing even more opportunities for innovation and advancement in the world of decentralized applications.

#Blockchains #polkadot #Ethereum #algorand #Educational

CryptoScope by Morfolabs

Hello, everyone!

There is an increased interest to atlcoin ALGOUSDT last couple of days because it has broken the bottom again. Some traders think that it's scam and we should forget about this token, others think that it's perfect buy level. I have another one opinion.

As you know I expect $10k on Bitcoin, and first of all we should wait for this price to see which altcoins will be alive. Anyway looking at the Elliott waves formation, I can see that ALGO is forming the ending diagonal inside the wave 5. Bear market for this coin is about to end, but I can demonstrate the decrease up to -50% from current prices. To sum up, current price is not a good entry point, but this asset is not obligatory scam, but this probability is higher than pump from current.

Chart 1. ALGO price.

Best regards, Ivan

❤️Follow me and never miss the update❤️#algo #algorand #BTC #binancepizza #dyor

Algorand price is currently trading at a four-month low even as many other altcoins have charted year-to-date highs.

About 96% of all ALGO holders bought their supply out of FOMO around September 2021 highs of $2.4.

Over time a lot of these investors moved their supply around, which is, at the moment, in the hands of mid-term holders.

Algorand price has seen lesser growth over time, and while most of the market is recording recovery, this altcoin is lingering at the lows of its current trading price. The problem here is not just a lack of growth but also a lack of support from the investors, who cannot be blamed for their nominal conviction given their current conditions.

Algorand price needs a miracle rally

Algorand price trading at $0.18 is at a near four-month low. Usually, this bearishness is offset by the cryptocurrency's investors' bullishness, but this will not be the case with ALGO. The reason behind this is that ALGO holders have no incentive to act bullish at the moment. And it is not just a certain chunk that is bearish, it is over 96% of the investors.

Most of the holders bought their supply around the 20% range of the altcoin's all-time high of $2.38 in September 2021. These investors are known as all-time highers, and all of them have amassed their stash at prices above $1.89. Generally, this cohort represents a small part of all the investors, but in the case of Algorand, it is the other way around as 16.75 million addresses or 96% of all the investors are all-time higher.

With Algorand price at the present price levels, all these investors are currently underwater and for their supply to turn profitable again, the altcoin would need to chart a rally between 870% to 1000%. Since the possibility of this happening is highly unlikely, it seems like the only option for these investors is to either HODL or dump their stash.

By the looks of it, this might have happened as balance upon being categorized by time shows that most of the ALGO supply is in the hands of mid-term holders. These mid-term holders, also known as "Cruisers", are the addresses that have held their supply for a time period between 1 month and 12 months. 

About 67% of all ALGO has been held for this time period, and only 20% of the supply has remained unmoved for more than a year, classified as "Hodlers". This makes Cruisers potentially detrimental as mass selling at their hands could trigger a further decline in Algorand price. Since this supply lacks the conviction of long-term holders, even a nominal fall in prices could lead to panic selling.

#algorand #Binance #BTC #crypto2023 #eth2.0

Why Algorand is a unique and innovative blockchain platform with a bright futureAlgorand is a blockchain platform that is designed to be scalable, secure, and decentralized. It was founded in 2017 by Silvio Micali, a Turing Award-winning computer scientist. Algorand uses a unique consensus mechanism called Pure Proof of Stake (PPoS), which allows it to process thousands of transactions per second with low fees.What makes Algorand different from other cryptocurrencies?There are several key features that make Algorand different from other cryptocurrencies:Pure Proof of Stake (PPoS): PPoS is a consensus mechanism that is designed to be more efficient and secure than traditional Proof of Stake (PoS) mechanisms. In PPoS, all ALGO holders are eligible to participate in consensus, but only a small number of participants are selected at random to propose and vote on blocks. This helps to reduce the risk of centralization and makes it more difficult for attackers to manipulate the network.How does PPoS work?PPoS works by randomly selecting a small group of ALGO holders to participate in a consensus round. This group is called a committee. Each committee member is assigned a secret key. The committee members use their secret keys to generate and sign a vote. The votes are then combined to produce a block. The block is then added to the Algorand blockchain.What are the advantages of PPoS?PPoS has a number of advantages over other consensus mechanisms, including:It is more efficient than PoS, meaning that it can process more transactions per second.It is more secure than PoS, as it is more difficult for attackers to manipulate the network.It is more decentralized than PoS, as all ALGO holders are eligible to participate in consensus.Instant transaction finality: Algorand offers instant transaction finality, which means that transactions are confirmed and irreversible as soon as they are processed. This is a major advantage over other blockchains, such as Ethereum, where transactions can take minutes or even hours to be finalized.How does Algorand achieve instant transaction finality?Algorand achieves instant transaction finality by using a consensus mechanism called PPoS and a technique called the Algorand State Proof (ASP). The ASP is a cryptographic proof that allows the network to quickly and efficiently verify the state of the blockchain.What are the advantages of instant transaction finality?Instant transaction finality has a number of advantages, including:It makes Algorand ideal for use in real-time applications, such as payment systems and decentralized exchanges.It reduces the risk of fraud and other malicious activity.It improves the overall user experience.Scalability: Algorand is designed to be scalable to handle thousands of transactions per second. This is achieved through the use of PPoS and other optimizations.How is Algorand scalable?Algorand is scalable because it uses a consensus mechanism called PPoS and a technique called sharding. Sharding is a technique that divides the blockchain into smaller groups called shards. Each shard is processed independently by a different group of nodes. This allows Algorand to process more transactions per second than blockchains that do not use sharding.What are the advantages of scalability?Scalability is essential for the widespread adoption of blockchain technology. A scalable blockchain can handle a large number of transactions without sacrificing performance or security.Security: Algorand is a very secure blockchain platform. It uses a variety of cryptographic techniques to protect the network from attack.How is Algorand secure?Algorand is secure because it uses a variety of cryptographic techniques, including:Pure Proof of Stake (PPoS): PPoS helps to secure the network by making it more difficult for attackers to manipulate the network.Byzantine Fault Tolerance (BFT): BFT is a consensus algorithm that allows the network to continue operating even if some of the nodes are faulty or malicious.Verifiable Random Function (VRF): VRF is a cryptographic function that is used to randomly select committee members. This helps to prevent attackers from predicting which nodes will be selected, which makes it more difficult for them to attack the network.What are the advantages of security?Security is essential for any blockchain platform. A secure blockchain platform is resistant to attack and can be trusted to store and process valuable data and assets.Algorand's potential impact on the crypto and Web3 industry$ALGO $BNB #algorand #crypto2023 #opbnb #Binance #BTC