Why is Algorand (ALGO) trending higher in a bear market?
Algorand (ALGO) is one of the few leading Cryptocurrenciestrading in the green early Tuesday even if most of the market remains under the control of bears while Bitcoin falls below $ 47,000. At the time of writing, ALGO / USD is trading at around $ 1.57.
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Algorand Foundation and Algofi Announce Liquidity Mining Program
The potential Ethereum killer has the support of a recently announced partnership between the Algorand Foundation and the DeFi-Algofi app to launch a $ 3 million liquidity mining initiative. The program is scheduled to start in January 2022 and sees Algofi distribute ALGO tokens to users when they borrow and lend ALGO, STBL, USDC, goBTC and goETH on its platform.
Algofi is the first algorithmic money market and Stablecoin the Blockchain and has announced the partnership with the Algorand Foundation to allocate 2 million ALGO tokens through the Aeneas Liquidity Program by the first quarter of 2022. The move aims to increase Algorand’s DeFi footprint and further develop the ecosystem.
Other basics that ALGO . support
Another exciting development that drives buyers to ALGO is Metapunks – one of the largest and first NFT-Collections by Algorand, which will be announced publicly. Metapunks is the first collection of 3D generated NFT metaverse avatars to be embossed on this blockchain. Each of their NFTs can be viewed with or with a 3D viewer on the website AR to be displayed in order to integrate them into the real world. The public sale follows shortly after a private sale that sold 2,000 pieces from the collection.
Earlier this week, the Algorand Foundation also announced a grant to Glitter Finance to create and develop a cross-chain bridge that will connect Algorand to four other leading blockchain networks – Solana, Terra, Polygon and cudos. Glitter Finance will soon start its token sales on the P2PB2B exchange to create the first bi-directional bridge between Algorand and Solana.
ALGO / USD technical analysis
If you look at the ALGO / USD H4 price chart, most of the moving averages along with the momentum indicator indicate a bullish bias. However, the 200 SMA and MACD also suggest some selling interest.
Algorand is priced above the pivot point at $ 1.50 and buyers can conveniently bring it up in the short term. The next obstacle they might encounter while the mood and buying interest persist is the immediate one resistance at $ 1.75.
Source: Crypto News Deutsch