The ALGO coin is the native digital currency of the Algorand network, a blockchain project aiming to provide a secure, decentralized, and fast platform for processing smart transactions and decentralized finance (DeFi).
✅ Overview of the Algorand project:
Founder: Silvio Micali, a professor at MIT and a Turing Award winner.
Release year: 2019.
Consensus algorithm: Pure Proof of Stake (PPoS) – pure proof of stake.
Goal: To empower Web3 applications, digital payments, and smart contracts in a more efficient and sustainable manner compared to other blockchains.
✅ Support areas:
0.1650: Very strong support, tested multiple times and is the lowest low in the picture.
0.1681 - 0.1685: Secondary support and short-term technical level.
✅ Resistance areas:
0.1726: The highest point reached recently, current immediate resistance.
0.1733: Nearby technical resistance if 0.1726 is surpassed.
0.1750 (out of the picture but an important psychological level on larger timeframes).
✅ Indicator analysis:
Moving averages (MA):
The price is currently above MA(25) and MA(99), indicating the beginning of a positive short-term momentum.
RSI (6) indicator:
Current value 65.6, indicating upward momentum, but is close to the overbought area (70), so caution is advised for a short correction.
📈 Is it the right time to buy?
✅ Buying is possible for short speculation under the condition:
Set a stop-loss below 0.1650.
First target: 0.1726.
Second target: 0.1750 (if the first resistance is broken).
⚠️ However, it is preferable to wait for a clear break of the 0.1726 level with higher trading volume, to obtain a strong confirmation of the upward trend.
