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While Algorand's [ALGO] price might have rallied by about 10% in the last seven days, a steady decline in its Chaikin Money Flow (CMF) on a daily chart created a bearish divergence that typically precedes a price reversal.
Previously at WhatsApp, Chin said that she was drawn to crypto due to an interest in privacy and digital identity.
Algorand's [ALGO] recent rally is yet to reclaim the pre-FTX levels of $0.4500 but could attempt such a fete soon. The asset dropped to a low of $0.1616, shedding off over 60% of its value.
Although Algorand is intended to be a very effective proof-of-stake (PoS) blockchain, other networks like Ethereum (ETH), BNB Chain, and Solana have been at the forefront of significant DeFi activity. The narrative surrounding the blockchain appears to be changing for the better based on the increase in Algorand's DeFi TVL during the past week.
Algorand [ALGO] revealed a new development on 19 January, which could underscore a potential strategy to tap into growth through DeFi. The blockchain network revealed that the C3 Protocol has rolled out a new self-custody exchange called “C3.
One of the four biggest banks in Australia, the National Australia Bank (NAB), has announced that it will soon roll out a new Australian dollar-pegged stablecoin on Ethereum and Algorand.
The National Australia Bank (NAB) has become the second major Australian bank to create a stablecoin, titled the AUDN. The stablecoin would allow its business customers to settle transactions on blockchain technology using Australian dollars in real-time.
NAB chief innovation officer Howard Silby said the decision to mint the AUDN stablecoin, which is backed 1:1 by the Australian dollar (AUD), was based on the bank's belief that blockchain infrastructure will play a key role in the new evolution of finance.
The National Australia Bank announced that it will soon launch a new stablecoin backed by the Australian dollar on Ethereum and Algorand.
Algorand CEO reiterated that it was not a partnership
Algorand up 15% on the week as its TVL records YTD high
The ever evolving cryptospace is home to a myriad of digital assets and protocols. One such emerging protocol is Algorand, which has managed to establish is reign in the industry. The network is built on the Pure Proof of Stake consensus mechanism. ALGO is a native token of the platform.
Algorand is one of the fastest growing crypto in terms of gains. According to CoinGecko, the token has appreciated by 30% in the last two weeks.
Algorand [ALGO] flashed in the headlines because of its latest achievement. DeFiLlama revealed that Algorand's total value locked (TVL) registered a massive increase by growing over 137%.
The crypto world may be experiencing a new bullish season
The pessimistic mood still present around risk assets, including cryptocurrencies, has been disregarded by the Algorand price. On January 12, the scalable blockchain token was valued at 25% higher than it was at the start of the year.
Catch up on the latest crypto market news at The Currency Analytics. The Algorand blockchain has a diverse ecosystem of thriving projects working towards inclusivity and opportunity for the entire community.
On the hourly chart, the price recovery for Algorand (ALGO) is displaying a circular bottom. Over the previous three days, buyers have increased the price of ALGO by more than 10%.
Key Points: In 2023, Algorand [ALGO] gets off to a tremendous start. The network just passed the one billion transaction mark, which is significant in terms of utility.
Algorand [ALGO] is off to a great start in 2023. The network just crossed the one billion transactions milestone, which is a big deal as far as utility is concerned.
Algorand has gained 16.5% within the past six days of trading, after dropping to a low of $0.1598 on 30 December. This move was appreciable but did not change the higher timeframe trend of Algorand.
Over the past two weeks, Algorand's chart has been stabilizing, but the persistent lateral trading has driven the bulls out of the market.
Crypto tokens that fell below the $1 billion market cap threshold include Terra Classic, as well as Helium, Axie Infinity, and The Sandbox.
The Algorand price has been downward for quite a few months now. The coin has fallen by 1.8% over the last 24 hours.
