The success of a cryptocurrency depends on the team of developers and marketers. Algorand has a strong team behind the network to run the project successfully for the long term. The founder of Algorand, Silvio Micali, was the faculty at Electrical and Computer Science, MIT.
He knows cryptography and other technologies to run the network. Moreover, he is the inventor of zero-knowledge-proof technology that is the anchor of many cryptocurrencies. He is working with another tech-savvy member Chris Peikert, the head of cryptography of this network.
Besides that, interoperability is a big factor that makes Algorand unique from other cryptocurrencies. Anything built on this platform can easily be connected to other blockchain systems. Experts think it is the heart of this blockchain, allowing the mass adoption of this blockchain facility.
Interoperability is the key to future success because when it comes to decentralized applications, one application that has been built on Ethereum must be connected to Cardano, Solana, and other platforms. The number of projects built on Algorand has grown exponentially in the last few years.
It is currently running some high-potential projects and decentralized applications which are used by financial institutions. From an investor perspective, you can consider that when high-potential projects grow, the value of Algorand will grow exponentially.
Cryptocurrencies that are listed in multiple exchanges are a sign of good fundamentals and popularity. The good news is major crypto exchanges have listed ALGO for trading and investing purposes.
Binance and Coinbase are two such crypto exchanges that regularly delist cryptocurrencies, but ALGO receives good volumes on these exchanges. In a market that is saturated with different types of projects, driving new investments is critical, but Algorand has been doing well since its launch.
At the time of writing this post, ALGO was trading around $0.328, above the support of $0.30. On the daily chart, Algorand candlesticks are in the lower range of the Bollinger Bands. Though MACD is bearish, and RSI is at 46, we think it is an ideal time to invest for the short term. Read our ALGO prediction for a more detailed future price projection of the token.
On the weekly chart, ALGO candlesticks are forming around the baseline of the Bollinger Bands, but we do not think it is an ideal time to invest for the long term because it has been consolidating within a range with the strong support of $0.28. Algorand might not break the support soon, but you should invest for the long term when it exceeds at least the immediate resistance level.