Algorand mainnet began airing in June 2019 and ALGO is said to be able to handle almost 1 million transactions per day by December 2020.
ALGO was founded by Silvio Micali who is a professor of computer science at the Massachusetts Institute of Technology.
Micali assumes that ALGO is designed to speed up transactions and increase efficiency in response to the slow transaction times of Bitcoin and other blockchains.
This is because ALGO charges low transaction costs and also it is linked to competitors to the smart contract (smart contract) to Ethereum.
In addition, Algorand reportedly received funding support from digital asset management, Arrington Capital worth $ 100 million in the process of accelerating the latest developments in Algorand-related projects.
Looking at the ALGO/USDT chart, it seems that the price movement is testing the SBR (support become resistance) zone around the $ 1.0- $ 1.10 price in line with the Bitcoin price increase.
From a technical point of view, the ALGO price movement seems to be creating a Descending Triangle pattern which is a signal pattern for a bullish trend.
If the pattern is valid and manages to break the $ 1.0- $ 1.10 SBR zone, a higher rise will test the next SBR level around $ 1.25- $ 1.30.
With the expectation of the rise as well, it will signal to investors that the ALGO price movement will make a clear trend change for a higher spike.
If the ALGO price continues to maintain the upward momentum, the next price target is heading to the SBR $ 1.50 level to test before re -testing the all -time high (ATH) level at the $ 1.80 price level.
However, if the Descending Triagle pattern is invalid and re -breaks the support trendline, the price movement is expected to retest the support level around the $ 0.80 price.
A drop to the $ 0.80 support level will react to investors that the ALGO price movement is about to resume the bearish trend.
The decline is expected to return to the lowest level ever reached on May 24 around the price of $ 0.67 before making a decline to a lower price level.
As of 10.30am local time, the price of ALGO made a jump of over 10% in 24 hours to trade above the $ 1.0 price level
