Algorand was invented to speed up transactions and improve efficiency, in response to the slow transaction times of Bitcoin and other blockchains. Algorand is designed so that there are lower transaction fees, as well as no mining (like Bitcoin's energy-intensive process), as it is based on a permissionless pure proof-of-stake (PoS) blockchain protocol.
Blockchain platform Algorand has announced on 29th of September the launch of the Algorand Virtual Machine, or AVM, a layer-1 protocol upgrade designed to enhance decentralized app scalability for developers and organizations, enable instant transaction finality and sustain a negative carbon output. In addition to these advancements, the AVM will also give developers program tools to write smart contracts in Python or Reach, a format similar to the multi-paradigm web page language Javascript.
Technically, Algorand is in a correction from the 13th of September that is preparing the next move to the upside. The higher probability move in our opinion is a breakout to the upside, although a retest of the support area is not totally out of the books. If the price moves higher the next area to watch for the market structure is the resistance zone at 2.06 USDT.
Trade with care.
Best regards, Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
watching the charts and order books exchanging, seems to me there is not a lot of supply left below the 2.5 area, it was bought out big time as we got massive vol spikes on the last upswing...now the healthy consolidation under the top price of 2.5 as weak hands take profits and whales are likely buying slowly now.... however I think the demand for this top alt is going to quickly dry up supply under 2.5 and expect a higher high around 3.2... it's all kinda of meaningless though because I just hold it long term, stake the rewards and expect much bigger numbers from here long term, it should eclipse eth in the long term, it's just much better... if algo repeats what solana did it will be 10 usd by the top of this bull market run sometime next year. when trading though, the goal is more coin, remember, usd is a shtcoin! but imo holding is a guarenteed big win.