Monat: September 2022

• Algorand has surged 7% in the past day on renewed strengths

• The PoS network recently had a major network update

• Native ALGO token has jumped from key support but faces immediate resistance

Algorand ALGO/USD has gained 7% in the past day, defying Monday’s crypto slump. The token currently exchanges for $0.3389 against the USD, with a market capitalization of $2 billion. At the start of the week, major cryptocurrencies tanked significantly. Bitcoin and Ethereum both dipped below $19,000 and $1,300, respectively.

While Algorand is one of the fastest blockchains, its pump is not tied to anything specific. However, it could partly be related to a recent introduction of a system upgrade. The update boosted the layer-one network to a speed of 6,000 transactions per second.

Algorand is a blockchain built for dApps with an emphasis on scalability, security, and decentralization. It differentiates itself with the use of randomness and pure proof-of-stake algorithm. The consensus model is based on Byzantine protocol. Algorand smart contracts are powered using Turing-complete languages.

Aside from the specifics, Algorand could also be deriving its bullishness from the upcoming FIFA World cup. The world football governing body has entered into a partnership with the blockchain. 

In the deal, the network will support soccer-themed digital collectibles. Nonetheless, like the rest of the cryptocurrencies, Algorand faces strong macroeconomic factors. A potential rate hike by the US Federal Reserve is one of them. On the technical chart, Algorand is on a strong bull run.

ALGO surges from $0.28 support

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Source: TradingView

According to the daily chart above, Algorand made a comeback after retesting support severally. Both the 20-day and 50-day have joined support. However, the Stochastic Oscillator is at the overbought zone, and ALGO is almost at the $0.3509 resistance level.

Concluding thought

The current price level is not a perfect buy entry point for Algorand. The token has surged considerably and may be due for a retracement. The immediate $0.35 resistance and an overbought market require patience before any decision can be made. In that case, it is ideal to wait for a price retracement.

The post How bullish is Algorand after the latest surge? appeared first on CoinJournal.

• Stellar Lumens price has been recovering after a double bottom

• XLM could break out if the Federal Reserve stays dovish

• The token could correct if sentiment weakens

After several days of meltdown, crypto prices are picking up again. One cryptocurrency gaining bullish strength is Stellar Lumens XLM/USD. The cryptocurrency has gained more than 8% in just 24 hours. A broader look also shows a negligible 0.70% loss in the past week. That’s despite most cryptocurrencies losing value by double digits in the last seven days. 

Stellar Lumens is an open network for money transfers. According to its website, Stellar simplifies the process of creating, transferring, and trading all digital forms of money. That also includes dollars and pesos, in addition to Bitcoin and other cryptocurrencies. The aim of stellar is to allow the global financial system to function on a single network.

The current trading of Stellar Lumens is $0.11. It is a significantly low price since it almost touched $0.8 in May 2021. At the low price, investors see XLM attractive ahead of the Federal Reserve rate decision. Can the price move higher from the current level?

XLM nears a resistance after forming a double bottom at $0.10

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Source – TradingView

A technical outlook of Stellar shows the price heading back to $0.115 resistance after it bottomed at $0.10. A double bottom price at the $0.10 level suggests a trend reversal. Buyers are looking to take the price higher. A MACD crossover also confirms a bullish momentum.

Concluding thoughts

If XLM remains bullish, a breakout will occur at $0.115 and attract more buyers. A less hawkish Fed and improved crypto sentiment will reinforce a breakout. If the sentiment weakens, expect a correction at or towards $0.115.

The post Stellar Lumens eyes a breakout as price pumps 8% appeared first on CoinJournal.