The role of technical appreciation in Algorand (Algon) Evaluation **
The value of cryptocurrency has increased significantly in recent years, and some assets have explosive growth, while others have suffered significant losses. Among these cryptocurrencies is Algorand (Algo), an open source decentralized main book that uses a certificate (POS) consensus algorithm to secure the network. In this article, we explore the role of technical appreciation in the evaluation of the Algorand Market value and discuss how investors can use a technical analysis to report their investment decisions.
What is the algorandi?
Algorand is an open source cryptocurrency launched by New Zealand expert group in 2017. It is designed to be fast, safe and energy efficient, making it an attractive option for users looking for a reliable digital currency. The chassis consensus algorithm, known as the SPHINCS (synchronous decentralized consensus), uses a new approach that eliminates the need for central authorities, making the Algorand a decentralized alternative to traditional blockchains.
Technical Appreciation and Algo
In assessing the Algorand Market value, technical value plays an important role. The technical analysis includes the study of different charts and meters to identify the mobility of prices and trends. In this context, technical appreciation is used to assess the price behavior of the property in order to assess the factors leading to leading factors.
The Algorand Market value (market ceiling) has grown steadily over time and will reach its peak of about $ 2.5 billion in December 2020. This represents a significant growth of its original market value, which was approximately $ 100 million in January 2017. The market value is now more than 25 times higher than its original market ceiling.
Technical indicators and patterns
Several technical indicators can be used to assess the performance of Algo and to identify any trends or twists and turns. Some significant examples are:
- Moving averages : These are moving averages that smooth out price fluctuations, allowing longer -term trends to be identified. In the case of Algorand, the 50 -day sliding average (MA) is currently around $ 2.20, while 200 days Ma Ma is approximately $ 3.00.
- Relative Strength Index (RSI) : This indicator measures price rates by comparing the property closing price to the price range for a specific period. The reading of over 70 shows an overloaded space, while one less than 30 suggests the superior space. In the case of Algorand, RSI is currently around 25, which indicates that the market has risen.
- Bollinger lanes : These lanes represent a volatility measurement that uses the spread between the upper and lower bollinger lanes to measure the price movement. The narrow lane indicates a tight volatility area, suggesting that the property may be on the rise trend.
Patients
Algorand charts can identify multiple cancellation models including:
- Head-And Behore
: This model consists of three spikes followed by a lower spike, indicating a potential turning.
- triangle
: The triangle pattern is formed when the price moves in one direction, then turns and forms a new higher or low.
- Guppy pattern : The Guppy pattern is characterized by a long wave that starts at the beginning of the rising trend and ends in a similar movement.
Investment Strategies
In assessing the Algorand Market value, technical appreciation can be informed of investment strategies in many ways:
- Buying signals : Identify any purchasing options when prices form the head and shoulders or triangular pattern.
- Selling Signal : Find the sale of signals as the RSI indicator drops below 30 and the spread of bollinger lanes is wider than usual.
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