Algorand price analysis: is now a good time to buy this cryptocurrency?

Algorand ALGO/USD has advanced from $0.84 above $1.20 since the beginning of August, and the current price stands around $1.05. Algorand has experienced tremendous growth in its user activity this year, and there are currently more than 11 million users across over 500 projects that are building on Algorand.

Fundamental analysis: Algorand has more than 11 million users across over 500 projects

Algorand is a proof-of-stake (PoS) blockchain created by computer scientist Silvio Micali and was officially launched in 2019.vAlgorand can execute thousands of transactions per second, and because of this, it accelerates the convergence between decentralized and traditional finance by enabling the simple creation of next-generation financial products. You can create tokens, NFTs, stablecoins, securities, currencies and to interact with this blockchain, you should use Algorand tokens that have the symbol ALGO.

Algorand is more secure than first-generation distributed ledgers, and it also enables developers to create new applications on its platform through a transparent system. Algorand has experienced tremendous growth in its user activity this year, and it had more than 20,000 downloads of its developer tools.

“One of the things that we are excited to see is adoption in the ecosystem, people using the technology, projects building on top of Algorand and supporting it. Today, there are a little more than 11 million users across over 500 projects that are building on top of Algorand, generating an average of around 750,000 transactions a day, and that cuts across a lot of different areas,” said Algorand CEO Steve Kokinos.

New projects and DeFi applications are starting to interact with more traditional businesses coming on-chain, but the main question among investors is whether the ALGO is undervalued at the current price and will it go up in September 2021? ALGO could advance again at levels above $1.5 or even $2; still, if the price of Bitcoin falls below the $45000 support, that will negatively influence the price of this cryptocurrency.

Technical analysis: Algorand (ALGO) currently trades around the $1.050 levelData source: tradingview.com

Algorand (ALGO) currently trades around the $1.050 level, and it would be a strong buy signal if the price jumps above $1.30 resistance. The next price target could be around $1.50 or even above; still, if the price falls below $0.90, we have the open way to $0.80.

Summary

Algorand has experienced tremendous growth in its user activity this year, and there are currently more than 11 million users across over 500 projects that are building on Algorand. Algorand (ALGO) currently trades around the $1.050 level, and if the price jumps above the $1.30 resistance, we have the open way to the next resistance that stands at $1.50.

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