The Algorand price has been under intense pressure for the past two weeks. The price has declined more than 16% in the last seven days and nearly 5% in the last 24 hours. The total volume of the ALGO coin traded in the last 24 hours has taken a 33% nosedive to $728 million. The coin’s total market cap has also declined to $9.5 billion. Algorand is the 18th largest cryptocurrency in the world.
Algorand is a self-sustaining decentralized network built to simultaneously solve the blockchain trilemma of achieving speed, decentralization, and security. The Algorand main net was launched in June 2019 and had managed to handle more than 1 million transactions per day by December 2020. Algorand was founded by Silvio Micali, a professor of computer science at the Massachusetts Institute of Technology.
Algorand broke into the headlines after its price skyrocketed, pushing its ranks higher to the 17th largest cryptocurrency in the world. The Algorand price has jumped more than 52% since the start of September. Despite its frustrating performance in the past few days, investors seem to think that Algorand could be the next big thing in the crypto market.
The platform has recently undergone several developments. First, global lending issuer, e-Money.com announced a new integration with the Alogrand network. SkyBridge and NAX recently announced a further $250 million fund aiming at accelerating the growth of dApps on Algorand. The new integration and funds launched on the Algorand network could prompt the mainstream adoption of Algorand.
On the daily chart, we can see that the Algorand price chart has been on a bumpy ride for the last two weeks. It is trading along with the 25-day and slightly above the 50-day exponential moving averages. Its RSI has been moving higher and is stable at 50.
Therefore, the ALGO price is likely to edge higher as the bulls target the next resistance at $2.00. On the flip side, a move below the key support at $1.2460 will invalidate this view.