Algorand ALGO/USD remains under pressure; the price of this cryptocurrency fell from $1.69 to $0.74 since 07th May 2021, and the current price stands around $0.87.
Fundamental analysis: Algorand has integrated Copper’s digital asset custody solution
Algorand is a proof-of-stake (PoS) blockchain created by computer scientist Silvio Micali and was officially launched in 2019. The main characteristic of this project includes open participation, scalability, security, and transaction finality but it is important to mention that its code can be cloned, copied, and used on other blockchains.
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Algorand can execute thousands of transactions per second, and it is more secure than first-generation distributed ledgers. Algorand enables developers to create new applications on its platform through a transparent system in which everyone can achieve success.
Algorand tokens have the symbol ALGO and to interact with this blockchain, you should use Algorand tokens. Global trust through decentralization is the mission of this project, and it is important to say that Algorand has experienced tremendous growth in its user activity this year.
According to the latest news, Algorand has integrated Copper’s digital asset custody solution to support the growing ecosystem. Copper.co is a leading provider of digital asset custody and trading solutions that will provide the necessary requirements to enable new products and services launched on Algorand to thrive.
“With an increasing number of assets being launched on Algorand’s blockchain in recent months, it is vital for us to partner with trustworthy organizations like Copper to add custody for any form of assets created and managed by Algorand’s community. We are excited to expand the Algorand ecosystem with Copper, which brings secure custody solutions that are tried and tested across 250 digital assets and more than 40 exchanges,” said W. Sean Ford, COO of Algorand.
Fundamentally looking, Algorand has a big potential; the popularity of this project is rising across the globe, but there is still a level of uncertainty. Technically looking, ALGO weakened from its recent highs above $1.6, registered on 07th May, and the price of this cryptocurrency can weaken even more in the upcoming days.
Technical analysis: Bears remain in control of the price action
The whole cryptocurrency market is still not able to stabilize, and if you decide to buy Algorand (ALGO) this month, you should use a “stop-loss” order because the risk remains high.
The current support level is $0.80; $1 and $1.20 represent the important resistance levels. If the price falls below $0.80, it would be a firm “sell” signal, and we have the open way to $0.70 or even below.
On the other side, if the price jumps above $1, the next price target could be around $1.2.
The cryptocurrency market is losing its value this Thursday, the price of ALGO can weaken even more in the upcoming days, and probably it is not the best moment to invest in this cryptocurrency. The current support level stands at $0.80, and if the price breaks it, the next target could be around $0.70 or below
Where to buy right now
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