Algorand is a self-sustaining blockchain network, which is decentralized too. It supports a wide range of applications, which is great for developers and crypto/DeFi projects. They seem to be gearing up for a bullish move, so let’s see how they have been acting and how they might react in the future.

Algorand Analysis – ALGO/USD Trading in a Range With a Bullish Bias

Algorand put up a great performance in the second week of September. It surged from above $1 to $2.50 in a couple of days, and after a retreat lower, it made a new high at $2.55. That’s when the market was showing strong bearish momentum, after the crash last Tuesday, which is a bullish sign.

Then Algorand retreated again, but it has formed a support zone around $1.90, which continues to hold for now. ALGO/USD has been trading above this support area, but it looks like it wants to make a move to the upside soon, since the downside seems limited and the developments for Algorand are favourable.

The support around $1.90 continues to hold for Algorand

​​The Algorand network has been chosen by El Salvador to host the most common stablecoins, such as Tether (USDT) and USD Coin (USDC), to simplify the use of Bitcoin. The Algorand Foundation decided to get the community more involved and make them more active on the network. Algorand announced the partnership with the Viridis DeFi Program, to support DeFi startups on the Algorand network, which will increase the demand for ALGO tokens.

Anthony Scaramucci of SkyBridge says that his company has raised more than $100 million toward the crypto-focused exchange-traded fund (ETF) on Algorand. Besides that, Algorand is also sponsoring a drone racing league startup in New York. How this will help Algorand is yet to be seen, but perhaps drones and cryptocurrencies are merging together. Anyway, all these ongoing events and millions of dollars will continue to keep ALGO/USD in demand, so buying Algorand near the bottom of the range is a good idea, as the crypto market recovers from the crash.