{"id":16234,"date":"2023-01-17T14:54:54","date_gmt":"2023-01-17T18:54:54","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=16234"},"modified":"2023-01-17T14:54:54","modified_gmt":"2023-01-17T18:54:54","slug":"algorand-tvl-hits-177-million-as-altcoin-rally-continues-can-algo-sustain-this-push","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/01\/17\/algorand-tvl-hits-177-million-as-altcoin-rally-continues-can-algo-sustain-this-push\/","title":{"rendered":"Algorand TVL Hits $177 Million As Altcoin Rally Continues \u2013 Can ALGO Sustain This Push?"},"content":{"rendered":"

Algorand is one of the fastest growing crypto in terms of gains. According to CoinGecko<\/a>, the token has appreciated by 30% in the last two weeks. With the broader crypto market rallying<\/a> as Bitcoin breaks its crucial $21,000 resistance, ALGO is set to gain more in the next few days.\u00a0<\/p>\n

The Total Value Locked department is where the ecosystem gained the most. According to DeFiLlama<\/a>, Algorand\u2019s TVL yesterday hit $177 million in value. This uptick in TVL is a bullish indicator that the ecosystem still has the momentum to reach new milestones.\u00a0<\/p>\n

However, the token might be on shaky ground as the bears test its current support at $0.2275.\u00a0<\/p>\n

<\/h2>\n

Algorand Developments On-Chain<\/strong><\/h2>\n

Algorand\u2019s G6 governance commitment period ended yesterday, January 16. According to Algorand blockchain explorer, AlgoExplorer<\/a>, more than 4.1 billion ALGO is staked by over 31,763 governors.\u00a0<\/p>\n\n

The ecosystem would pay back the governors with an annual return rate of 6.52%. This way of governance makes the Algorand ecosystem stay true to the tenets of decentralized finance. To add to this bullishness, the ecosystem also processed its 1 billionth transaction.\u00a0<\/p>\n

With the ecosystem able to handle more than 2,881 swaps<\/a> on-chain, Algorand is expected to continue growing in popularity.<\/p>\n

Did you know Algorand can handle over 10x the number of AMM swaps per second relative to #solana<\/a> #Avalanche<\/a> #polygon<\/a> #bsc<\/a> #celo<\/a> #ethereum<\/a>? $sol<\/a> $matic<\/a> $algo<\/a> $bsc<\/a> $eth<\/a> pic.twitter.com\/7hBmduanfM<\/a><\/p>\n

\u2014 Axetrax (@Axetrax22) January 14, 2023<\/a><\/p>\n

Can ALGO Continue Its Climb?\u00a0<\/strong><\/h2>\n

The token is currently trading at $0.2329, a nearly 1% decrease from yesterday\u2019s $0.2341 price. The rejection at $0.2418 would delay ALGO\u2019s recovery. With the token\u2019s support at $0.2365 broken, ALGO investors should be able to buy the current dip in price as analysts<\/a> are still bullish with the token\u2019s price movement.\u00a0<\/p>\n

With improving<\/a> macro trends, investors and traders are more likely to enter riskier<\/a> assets like cryptocurrencies. Not to mention that Bitcoin, the face of the crypto market, has broken through crucial resistance at $21k. With ALGO\u2019s high correlation to BTC, ALGO can ride Bitcoin\u2019s rally to reach higher highs.\u00a0<\/p>\n

Investors and traders should watch the current market situation of ALGO as the token\u2019s current price position as the ecosystem has been having trouble maintaining<\/a> a social presence.\u00a0<\/p>\n\n

ALGO holders should also watch Bitcoin\u2019s price rise in the next few days or weeks. The $21k resistance break wiped out the lost ground following the collapse<\/a> of FTX. If BTC continues its bullish recovery in the next few weeks or days, ALGO can ride the upward wave.\u00a0<\/p>\n

But with the token facing a slight correction, this bullish break might be delayed as the bears retest the current support at $0.2275. If the bears win the struggle, the token\u2019s recovery will inevitably be delayed.<\/p>\n

Featured image from ThoughtCo<\/em><\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Algorand is one of the fastest growing crypto in terms of gains. According to CoinGecko<\/a>, the token has appreciated by 30% in the last two weeks. With the broader crypto market rallying<\/a> as Bitcoin breaks its crucial $21,000 resistance, ALGO is set to gain more in the next few days.\u00a0<\/p>\n

The Total Value Locked department is where the ecosystem gained the most. According to DeFiLlama<\/a>, Algorand\u2019s TVL yesterday hit $177 million in value. This uptick in TVL is a bullish indicator that the ecosystem still has the momentum to reach new milestones.\u00a0<\/p>\n

However, the token might be on shaky ground as the bears test its current support at $0.2275.\u00a0<\/p>\n

<\/h2>\n

Algorand Developments On-Chain<\/strong><\/h2>\n

Algorand\u2019s G6 governance commitment period ended yesterday, January 16. According to Algorand blockchain explorer, AlgoExplorer<\/a>, more than 4.1 billion ALGO is staked by over 31,763 governors.\u00a0<\/p>\n

The ecosystem would pay back the governors with an annual return rate of 6.52%. This way of governance makes the Algorand ecosystem stay true to the tenets of decentralized finance. To add to this bullishness, the ecosystem also processed its 1 billionth transaction.\u00a0<\/p>\n

With the ecosystem able to handle more than 2,881 swaps<\/a> on-chain, Algorand is expected to continue growing in popularity.<\/p>\n

Did you know Algorand can handle over 10x the number of AMM swaps per second relative to #solana<\/a> #Avalanche<\/a> #polygon<\/a> #bsc<\/a> #celo<\/a> #ethereum<\/a>? $sol<\/a> $matic<\/a> $algo<\/a> $bsc<\/a> $eth<\/a> pic.twitter.com\/7hBmduanfM<\/a><\/p>\n

\u2014 Axetrax (@Axetrax22) January 14, 2023<\/a><\/p>\n

Can ALGO Continue Its Climb?\u00a0<\/strong><\/h2>\n

The token is currently trading at $0.2329, a nearly 1% decrease from yesterday\u2019s $0.2341 price. The rejection at $0.2418 would delay ALGO\u2019s recovery. With the token\u2019s support at $0.2365 broken, ALGO investors should be able to buy the current dip in price as analysts<\/a> are still bullish with the token\u2019s price movement.\u00a0<\/p>\n

With improving<\/a> macro trends, investors and traders are more likely to enter riskier<\/a> assets like cryptocurrencies. Not to mention that Bitcoin, the face of the crypto market, has broken through crucial resistance at $21k. With ALGO\u2019s high correlation to BTC, ALGO can ride Bitcoin\u2019s rally to reach higher highs.\u00a0<\/p>\n

Investors and traders should watch the current market situation of ALGO as the token\u2019s current price position as the ecosystem has been having trouble maintaining<\/a> a social presence.\u00a0<\/p>\n

ALGO holders should also watch Bitcoin\u2019s price rise in the next few days or weeks. The $21k resistance break wiped out the lost ground following the collapse<\/a> of FTX. If BTC continues its bullish recovery in the next few weeks or days, ALGO can ride the upward wave.\u00a0<\/p>\n

But with the token facing a slight correction, this bullish break might be delayed as the bears retest the current support at $0.2275. If the bears win the struggle, the token\u2019s recovery will inevitably be delayed.<\/p>\n

Featured image from ThoughtCo<\/em><\/p>\n

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