Algorand (ALGO) is not the most featured project in the top 100 of the best cryptocurrencies by Coinmarketcap. However, this project, created by Silvio Micali professor at the Massachusetts Institute of Technology – the prestigious MIT, has everything to succeed. A look back at one of blockchain’s flagship projects and at a new implementation that perfectly illustrates its regular and sustainable development.
While the fools watch Dogelon Mars or twitter trends to pick their investments, the wise watch Algorand. This project also attracts serious institutions as Algorand is approached to build CBDCs, cryptocurrencies issued by central banks and countries. It is therefore in the big leagues that Algorand decides to play. Or else, Algorand is a zero-carbon blockchain. Which is partly possible thanks to its operation in pure Proof of Stake. A weighty argument at a time when Bitcoin (BTC) risks being sacrificed on the altar of sustainable development.
Recently, the arrival of a project in the ecosystem Algorand caught the attention of the most attentive investors. It’s Napster, the Web3 project that wants to put music back at the center of streaming platforms and give artists credit. You could say that it is Spotify from Web3. Why is this good news for Algorand ?
Napster, Spotify by Web3?
Because projects like Napster exist on different platforms. Or rather, different ecosystems make it possible to build music streaming applications. But Algorand seems to be the only way to give life to a project of this type. With the cost of transaction almost non-existent and to a solid and scalable infrastructure.
A project like Napster on the blockchain Algorand confirming the superiority of this network over its competitors. And this is a particularly positive signal at the beginning of the great Web3 revolution. Because even today, it is hard to say which blockchain or which ecosystem will emerge as the big winner from decentralization. And such a victory would necessarily result in a significant impact on the price of cryptocurrency from Algorand (ALGO).
Algorand (ALGO) technical analysis and forecast for 2022
Because since its launch, the least we can say is that the stars have not been watching the algorand’s (ALGO) cradle. With an ICO – initial coin offering — at $2.16 on June 25, 2019, there were only a handful of days when corner was in profit. A violent and continuous decline followed this ICO until it algorand cornerloses 96% of its value. It came to find support at $0.11 just under a year after its launch.
But he still wasn’t dead. It is the long-term investors who carry this project. They have confidence in the success from Algorand . Among other things, for this reason, the price then recovered 1,878% of its value, to briefly exceed its ICO price. This meteoric comeback took place during the bull run of 2021. But like the rest of the market, Algoranddid not survive the winter well crypto .
- After a marked ATH on September 8, 2021 at $2.57, algorithm decreased by 87 per cent.
- It found new support around $0.30 on June 18, 2022.
- Today, July 23, 2022, it moves to $0.33
- Algorand remains at 651% HUD. Definitely winter cryptooffers striking buying opportunities!
Although technical analysis presents it as shitcoin, algorand is a solid project. This is evident from the many applications that choose this ecosystem to launch. If it’s under the radar for now, the arrival of a dominant application could be a game-changer. And push the price towards its previous highs. Which would be the case if Napster was validated as Spotify by Web3.
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