ALGO Rises by 2% – What’s Pushing Its Limits?

Algorand has increased by 2% in the price charts, with many users on CoinMarketCap saying that the token’s 7-day trading pattern looks more bullish than 80% of the market trends.

What factors are pushing this token’s price right now?

Algorand Climbs by 2% in 24 Hours

In the last 24 hours, Algorand (ticker name ALGO) has moved up by 2%. However, there is still some to and fro between buyers and sellers, as we can see some dips in the hourly trends.

According to CoinMarketCap, the token is currently trading around the 0.098 mark, with its 24-hour increase accompanied by a 1.57% increase in ALGO’s market capitalization, which now stands at $768.8 million and a 19% dip in its daily trading volume, which has been around $23 million.

What is Algorand?

Algorand described itself as an autonomous, decentralized blockchain supporting various applications through its secure, scalable, and efficient properties. Invented to accelerate transactions and increase efficiency, Algorand is a green blockchain project that uses a proof-of-stake blockchain protocol.

Securing the network using Pure Proof of Stake, Algorand requires that all validators know each other to keep the project decentralized.

Despite these features, Algorand has not been able to experience any bull runs after its 2021 upswing. While it was the 2022 crypto winter responsible for ALGO’s bearish performance last year, this year, the token has reached its all-time low due to the SEC classifying ALGO as a security along with 67 other assets. That happened despite the tweet by Algorand Foundation in Q1 2023, which said, “Algos are not securities.”

🧵1/2

We want to be clear: we believe that Algos are not securities under US law. We welcome clear regulatory guidelines for the advancement and growth of the entire industry.

— Algorand Foundation (@AlgoFoundation) April 19, 2023

The lack of clarity around the regulatory status has pushed people away from this token, which is why the current upswing is a surprise.

What Could be Facilitating ALGO’s Recent Upswings?

Panic bounce is the only reason that many could think why Algorand has moved up on the price charts. It is common for the crypto whales and investors to come together to rally a token as soon as it hits its lows. In ALGO’s case, its low point is its all-time low, which likely pushed many investors to take action.

Despite the market’s downturn, Algorand Foundation has remained undeterred, organizing events worldwide, even in India, where it discussed the Algo Bharat team and the apps they are building.

The @Algo_Bharat team has been hard at work meeting builders on the road to the Impact Summit.

Thanks to all the regional ambassadors for making these meetups a huge success!

Follow @Algo_Bharat to stay up to date with the @Algorand community in India. pic.twitter.com/S5fJgAZrmI

— Algorand Foundation (@AlgoFoundation) August 23, 2023

Algorand Price Analysis

Algorand’s downturn coincided with Bitcoin’s failure to remain closer to the $30k mark, and it made three consecutive red candles like others on its daily chart.

However, Algo’s last week’s performance has been in the green, with multiple small but significant green candles forming. The growth is slow, but the trendline is still increasing, pushing the ALGO price linearly upwards.

Hourly charts give a better insight into the way Algorand has been moving. Here, the upward trend is in a jagged pattern.

The upper and lower trendlines, which act as Algorand’s psychological resistance and support, show that Algorand can see a significant uptrend once it reaches the $0.1 mark.

But if ALGO’s price crosses the lower threshold – $0.09, it will move down further to reach lower lows.

That said, the token’s RSI (53) is closer to the overbought zone, and the MACD histogram is positive, which indicates that people are banking on its success.

Algorand Alternative – Sonik Coin

While Algorand is slowly making its way up after reaching its all-time lows, it would be hard to get closer to its all-time highs anytime soon. Therefore, it would be better for investors to look for alternative investments, such as Sonik Coin.

Sonik Coin is a meme coin inspired by Sonik the Hedgehog. This project takes inspiration from everything Sonic represents, from its speed to its look. Likewise, this project has taken Sonic-like aesthetics and put a meme-like spin on them to give it a comedic flare. The speed aspect of this Sonik Coin comes from its desire to become the fastest crypto asset to reach a $100 million market capitalization.

add speed to your portfolio 💨https://t.co/s1fTdXDQCK pic.twitter.com/FHR1Vrl2bT

— SONIK COIN (@Sonikcoin) August 23, 2023

Even though it is a meme coin, Sonik Coin stands out as a crypto with utility. Calling it Stake-to-Speed, Sonik Coin will allow users to earn impressive APY by staking tokens for seven days.

With a total supply of 299,792,458,000, which mirrors the speed of light, Sonik Coin opened as a presale on August 3rd and has now raised close to $400k. The countdown to the conclusion of this presale has started, and only 12 days remain. Those interested should visit sonikcoin.com and buy SONIK at a discount price of $0.000014.

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