Algorand (ALGO), which ranked 50th in the CoinMarketCap, lost 20 percent against the USD at the end of June. At the beginning of July, it started to rise again. We reviewed the latest performance of the coin against USDT and BTC in today’s analysis.
Algorand decreased to $0.09, down 80 percent from the $0.50 price in the March crash. The altcoin has recovered half of its loss since then.
Looking at the weekly ALGOUSDT chart, it’s clear that $0.2580 has not been broken since the last week of May. With the rise in July, the ALGO token is testing the resistance of $0.25 again. On the other hand, it is also remarkable that the crypto, which is on the threshold of resistance, has been in the overbought area due to the rise in the last week. If ALGO manages to enter the $0.25 range this week, it may increase bullish momentum next week. The next resistance for the token is in the range of $0.2620 – 80.
In a possible correction, $0.2270 may be the first major support point. The $0.25 – 0.23 band movement in ALGOUSDT will be decisive for the course of altcoin.
Algorand stands a little more active against Bitcoin. In the 9th of July movements, the bulls are trying to pass the previous resistance of 2600 sats. We can see a rapid rise in ALGOBTC in case of closing of over 2600 sats after the day’s closing. In such a situation, ALGO may have an upward potential of 20 percent against BTC.
On the ALGOBTC daily chart, the closest support stands at 2520 sats. Under this level, 2nd support 2410 sats may come into play.
Latest Algorand News
According to the information from the official website of Algorand, the company is establishing collaborations that will increase the use cases day by day. Algorand announced to start working with ISDA (the International Swaps and Derivatives Association) on operational efficiency and new market opportunities for financial institutions. In addition, the Algorand network will provide local support to Pocket Network, which offers a decentralized infrastructure for interpersonal applications.
Apart from these developments, Algorand announced last week that it joined the Blockchain Game Alliance (BGA) as a member and sponsor. Officials said in a statement that this partnership is raising awareness of blockchain.