(Algorand) ALGO Market Analysis November 2021

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Algorand coins itself as the green blockchain with the future that comes out to be the convergence between centralized finance and traditional finance. Further, the Algorand MainNet is said to be the world’s first pure proof-of-stake protocol. Unlike previous public ledgers based on proof-of-work consensus and consume a lot of computational power, Algorand does the opposite. The Algorand is a way to implement the public ledger with negligible computational power and will not hopefully fork.

Algo Market Analysis
ALGO Market Analysis

Further, compared to the bitcoin network that can process up to 7 transactions every second, the Algorand MainNet can process up to 1,152 transactions every second. Therefore, all the fundamentals of the project look good, so let’s dive into the technical aspects of the coin ALGO.

ALGO Market Analysis

Algo/ Usdt Market Analysis
ALGO/ USDT Market Analysis

According to our technical analysts, the market is above a strong demand zone where the indicators show good bullish strength. Further, the EMAs also act as strong support and hold the price in the marked zone. And if this was not enough, the Ichimoku clouds are also providing substantial support, and we might have great potential in its price movements.

Algo/ Usdt Market Analysis
ALGO/ USDT Market Analysis

ALGO/ USDT On-Chain Analysis:

As you can see in the chart below, the token velocity has fallen significantly and is neither zero nor too high. Therefore, it creates an opportunity for a further rise in its market value, as investors seem to be interested in the project and hold it for the longer term.

Algo Token Velocity
Algo Token Velocity

Further, the Year to Date chart also shows a rise in the network’s transaction speed, meaning your transactions could be processed faster than earlier, increasing the adoption of the Algorand MainNet.

Algo Transaction Speed
ALGO Transaction Speed

ALGO Price Prediction

In our opinion, ALGO/ USDT is trading around $2, and since it was in a strong demand zone, it can retrace its recent high and head back to the same level. Further, it would be evident for it to perform far better than that in this bull run. So, when BTC crosses $100K, we can definitely expect ALGO to make some new All-time-highs.

Prabhat Tiwari
Prabhat Tiwari

I am someone who loves swimming in the ocean of DeFi and believes the disruptive technology, i.e., Bitcoin will change a lot of things and not just our financial system.

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