Algorand Price(ALGO)/USDT Price Prediction: 06 December 2021

Overview

Algorand is a blockchain-based cryptocurrency that aims to be decentralized, self-sustaining offering secure, scalable and efficient applications. The blockchain adopts a unique Proof-of-Stake(PoS) mechanism to increase the transaction speed, managing high-throughput requirements of a variety of use cases. 

The block rewards of Algorand are distributed to all the ALGO token holders. The cryptocurrency in recent times is manifesting a huge bullish momentum that could uplift the price close to its ATH. After an extended roller coaster ride, ALGO crypto price finally appears to be on track to form a new ATH very soon.

How & When Algorand (ALGO) Came into Existence

The open-source and permissionless blockchain was launched in June 2019 by Silvio Micali, a professor at MIT and a computer scientist. The platform is mainly payment based and hence it tends to be faster having a TPS (Transactions per second) of 1000. Moreover, it achieves the transaction finality in less than five seconds. 

Algorand uses Proof-of-Stake(PoS) consensus mechanism that promotes the users to build smart contracts on it. Moreover, it promotes the development of decentralized applications (DApps) providing scalability. While the leader in decentralized space, Ethereum was pointed out again and again for soaring gas fees, blockchains like Algorand attracted many traders towards it. 

ALGO crypto is the native currency of the platform which has a very unique use case. The rewards paid to the validators for producing blocks are further distributed among all ALGO, instead of awarding only the block producers. This reward distribution program is carried out every 10 minutes to motivate more users to join the Algorand Staking program. 

Will Algorand (ALGO) Hit $3 By End of 2021?

ALGO coin price had a spectacular trading debut by hitting highs above $3. Woefully, the asset quickly fell into a bearish trap and since then trended within a very narrow margin. However, the 2021 bull market uplift the price above $1 for the first time in the past 2 years and kick-started the bull run towards its ATH. 

The asset surged with a huge margin through the bull rally and faced a rejection just before hitting $2 initially. Yet the asset without wasting much time reinstalled the bullish momentum and spiked high to surpass $2.5. Ever since registering the yearly highs, the ALGO price is swinging below $2. However, the asset in the past couple of days appears to have geared up to breach through the upper levels. 

Algorand’s price today is trading around $1.83 with a massive jump of 10.85% pointing towards the resumption of an uptrend. However, the asset is required to sustain above $2 to maintain the current uptrend. The strong support levels are cemented around $2.3 and a quick jump above these levels may lead the price rally towards $2.5 before the EOY. Else the asset may reach its ATH somewhere in January 2022 and discover new highs further. 

Factors Affecting Algorand (ALGO) Price Today

The Algorand blockchain recently wrapped up the Decipher event, a 2-day gathering featuring several topics. Many Algorand builders, businesses, and innovators got a chance to learn more about their topic with top leaders and entrepreneurs sharing their views about it. 

Secondly, the Algorand platform launched its NFT marketplace called AlgoMart. This marketplace aims to simplify the complex procedures around an NFT launch by offering scalable tools, integrated payments, and many more. 

Coming to the technicals, ever since the ALGO token price attained its yearly highs in the first few days of September, the RSI from the overbought levels, just slipped to the average level around 50. On the other hand, MACD is not specifically pointing out towards a bullish or a bearish rally. Therefore, the consolidated price movement may continue for a few more days and once the consolidation is over, the asset could surge high to surpass $2.5 soon. 

Where To Buy Algorand (ALGO) 

Algorand (ALGO) coin is listed in most of the popular exchanges in India and worldwide. If you want to invest in ALGO and are looking for options, then CoinDCX offers a better platform. CoinDCX is India’s most-trusted platform that offers hassle-free trades at affordable prices with unique user experiences. All you need to do is just download the CoinDCX mobile App and register in a few simple steps.

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