The cryptocurrency market is losing its value this trading week, the price of Bitcoin went below $45000 support today, and the risk of further declines is not over yet. Algorand (ALGO) also remains under pressure; in less than several hours, this cryptocurrency price has weakened from $1.15 to $0.89, and the current price stands around $1.04.
Fundamental analysis: Algorand announced a partnership with media platform Xfinite
The cryptocurrency market continues to trade in a buy zone even though Bitcoin cannot stabilize above $48000 resistance. Algorand price has extended its correction from the recent highs registered in the second week of February, but there is no risk of the bear market for now.
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Algorand is a proof-of-stake (PoS) blockchain that was created by computer scientist professor 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.
Algorand has an average of 500,000 transactions per day, and this project’s main goal is to create a transparent system in which everyone can achieve success. Algorand enables developers to create new applications on its platform fuelled by cryptocurrency, and according to its official website, more than 500 companies are developing applications on this blockchain at the moment.
The technology behind Algorand is novel, and there’s still a level of uncertainty surrounding the project. ALGO token is the native token of this blockchain, and it is essential to say that it is distributed with each new block to everyone who holds a certain amount of the currency in its wallets.
According to the latest news, Algorand announced a partnership with media platform Xfinite to help it achieve mass adoption.
“Xfinite has a visionary understanding of how blockchain can be leveraged for new opportunities in the media industry. With major partnerships with organizations that have millions of users, we are excited to support Xfinite’s new applications and welcome them to the Algorand community,” said Sean Ford, the COO of Algorand.
The partnership with Xfinite is positive news for the investors, and this cryptocurrency could advance again above $1.5 resistance in the ongoing bull market.
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Technical analysis: The main trend remains bullish
The main trend of this cryptocurrency remains bullish, and for now, there is no signal of the trend reversal.
The important support levels are $0.90 and $0.80; $1.20 and $1.40 represent the current resistance levels. If the price jumps above $1.20, it would be a signal to buy Algorand (ALGO), but if the price falls below $0.80, it would be a firm “sell” signal and a trend reversal sign.
Algorand price has extended its correction from the recent highs, but this crypto continues to trade in a buy zone, and for now, there is no signal of the trend reversal. Algorand announced a partnership with media platform Xfinite to help it achieve mass adoption, which is positive news for the investors.