United

Algorand

Resistance

Foundation

Coin

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Algorand is the world’s first carbon-negative blockchain which was made in 2022.</a> </li> 
 <li> <span>2</span> <a>The bulls are trying to break a major resistance level. See the possibility below.</a> </li> 
 <li> <span>3</span> <a>The RSI has reached the over-sold level with the SMA above it.</a> </li> 
</ul> 
<p>Algo is a cryptocurrency and a foundation created by Silvio Micali in 2017. Along with Jing Chen, a former student at Stony Brook University, Micali co-designed the Algorand white paper.&nbsp;</p> 
<p>The foundation is responsible for managing cryptographic research, system growth, governance, and decentralization within the Algo Network protocol created by Algorand Inc. based in Boston.</p> 
<h2 class="wp-block-heading" id="strong-the-carbon-negative-blockchain-strong"><strong>The Carbon-Negative Blockchain</strong></h2> 
<p>Algorand is the world’s leading carbon-negative blockchain. By April 2022, it had implemented the first smart contract to counterbalance carbon emissions. For each transaction, a portion of the proceeds is donated to charity to offset carbon emissions.&nbsp;</p> 
<p>The United Nations Development Programme and the Algorand Foundation have announced a partnership to launch a blockchain academy in the first quarter of 2024.&nbsp;</p> 
<p>The program aims to provide UNDP employees with knowledge and insights into the application of blockchain technology, helping them understand modern technologies. With this news and the current crypto cycle, Algo is arguably one of the best cryptocurrencies to buy today.</p> 
<h2 class="wp-block-heading" id="strong-technical-analysis-and-prediction-of-the-algo-coin-price-strong"><strong>Technical Analysis and Prediction of the ALGO Coin Price&nbsp;</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img loading="lazy" decoding="async" width="1024" height="480" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/12/Technical-Analysis-and-Prediction-of-the-ALGO-Coin-Price--1024x480.webp" alt="Technical Analysis and Prediction of the ALGO Coin Price&nbsp;" class="wp-image-184404" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/12/Technical-Analysis-and-Prediction-of-the-ALGO-Coin-Price--1024x480.webp 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/Technical-Analysis-and-Prediction-of-the-ALGO-Coin-Price--300x141.webp 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/Technical-Analysis-and-Prediction-of-the-ALGO-Coin-Price--768x360.webp 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/Technical-Analysis-and-Prediction-of-the-ALGO-Coin-Price--1536x720.webp 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/Technical-Analysis-and-Prediction-of-the-ALGO-Coin-Price--750x352.webp 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/Technical-Analysis-and-Prediction-of-the-ALGO-Coin-Price--1140x534.webp 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/Technical-Analysis-and-Prediction-of-the-ALGO-Coin-Price-.webp 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   ALGO/USDT chart by TradingView (Daily time frame)
  </figcaption>
 </figure>
</div> 
<p>The <a href="https://www.thecoinrepublic.com/2023/08/10/algo-coin-price-prediction-2023-can-algorand-rise-upto-1-mark/">ALGO coin</a> price is experiencing an impressive recovery and is reaching new heights as the year comes to a close, which is a bullish sign for the entire crypto market.&nbsp;</p> 
<p>Although Algorand experienced a pullback for most of 2021, the price of its native token, ALGO, has finally become bullish in terms of year-to-date growth, with an 18% increase so far this year.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img loading="lazy" decoding="async" width="1024" height="266" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/12/ALGO-Coin-price-1024x266.webp" alt="ALGO Coin price" class="wp-image-184403" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/12/ALGO-Coin-price-1024x266.webp 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/ALGO-Coin-price-300x78.webp 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/ALGO-Coin-price-768x200.webp 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/ALGO-Coin-price-1536x399.webp 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/ALGO-Coin-price-750x195.webp 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/ALGO-Coin-price-1140x296.webp 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/ALGO-Coin-price.webp 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div> 
<p>At the press time, the <a href="https://www.thecoinrepublic.com/2023/02/15/algo-coin-price-analysis-bulls-try-to-break-the-bears-grip/">ALGO coin price</a> is trading at the level of $0.204 after the surge. The coin has been on an uptrend for 2 months after the bulls broke a major resistance level of $0.149. When it reached the immediate resistance level of $0.223, it started seeing some corrections. This ongoing recovery suggests that investors are once again showing interest in this project.</p> 
<p>However, the support levels are at $0.1843 and $0.1319. Moreover, the RSI has also reached the level of 72, but the catch here is the SMA of the RSI is still above 74, which incidents a firm uptrend from a longer duration. The price prediction will be bearish for the short term.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong>&nbsp;</h4> 
<p>Algo is a carbon-negative blockchain that has implemented the first smart contract to offset carbon emissions. ALGO is currently trading at $0.204 after an uptrend for the past two months. The project is seeing a recovery, indicating renewed investor interest.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<ul> 
 <li><strong>Support Levels:</strong> $0.1843&nbsp; and $0.1319</li> 
 <li><strong>Resistance Levels: </strong>$0.223 and $0,278</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.</p>

ALGO Price Analysis: Correction Seen at a Major Resistance Level

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