Algorand Charts Has Many People Excited: Breakout and Buy The Re-Test?
After experiencing a downward trend for the better part of 2019, Algorand (ALGO) now seems to be changing its fortunes. The latest chart trends indicate an imminent bull run. People are getting excited over the future of the cryptocurrency. This may be the right time to buy before the platform rallies towards new highs in 2020.
— CryptoShelby (@CryptoNewton) February 19, 2020
The initial breakout was short-lived, but it set up the premise for the retest currently being observed. The breakout likely shook off some short-term traders leaving only traders who are there for the long-haul.
Investors will also find the latest trends interesting, especially the retest that followed closely after the breakout.
An Attractive Outfit
Algorand is aiming to create a borderless economy through its blockchain platform. Its platform is designed such that it is simple to use, execute instant transactions, has great performance and easy to adopt.
The project’s vision required the platform to tackle blockchains’ greatest issue (arguably), scalability.
It succeeded, creating a platform that is both fast, scalable, and most of all decentralized. Balancing the three attributes is a difficult task that either makes or breaks a platform.
The platform’s attractiveness is influencing the price of its cryptocurrency. Its design promotes the adoption of blockchain technology; thus, it has the potential to draw in more people into the ecosystem. Its take on scalability also means that its platform can deliver services at par or even better than centralized systems.
Algorand also has development plans lined up for 2020. These will support already existing features that have helped reduce the cost of associated with bandwidth and storage on blockchain – another attractive feature of Algorand.
With such attractiveness, it’s no wonder that many are predicting an upcoming upward trend of ALGO.
As levels go, this is a pretty important one. Close above 3500 and I think we hit 4100 this week: pic.twitter.com/un7TdJnJbh
— Nik Patel (@cointradernik) February 18, 2020
Featured Image Source: IBT
Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at email@example.com