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Algorand (ALGO) could advance further in the ongoing bull market, but risk remains high

The price of Algorand (ALGO) has advanced from $ 0.33 above $ 1.80 since the beginning of 2021, and the current price is around $ 1.42. The cryptocurrency market continues to operate in a bullish zone; Bitcoin has stabilized above the $ 59,000 level, indicating that the price could rise above the $ 60,000 resistance level again.

Fundamental Analysis: Vesta Equity Will Use Algorand Blockchain For Residential Property Financing And Investing

The price of Algorand (ALGO) has skyrocketed since the beginning of January, and this cryptocurrency continues to trade in a buy zone. Algorand is a proof of stake (PoS) blockchain, and the main feature of this project includes open participation, scalability, security, and transaction finality.

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Algorand allows developers to create new applications on its platform powered by cryptocurrencies, but there is still a level of uncertainty surrounding the project. The positive news is that Vesta Equity announced last week that it would use the Algorand blockchain for financing and investing in residential properties.

Vesta Equity is the global home equity marketplace that provides homeowners with the tools to monitor their home equity.

“Vesta Equity and Algorand have a shared vision of how blockchain enables the creation and exchange of value in a more efficient, transparent and secure way. By expanding opportunities for owners and investors, Vesta Equity is at the forefront of creating more accessible market opportunities by bringing participants together through Algorand technology, “said W. Sean Ford, COO of Algorand.

Algorand’s liquidity has increased dramatically, and many estimates say that the price of this cryptocurrency could advance even further in the current bull market. Despite this, the current risk / reward ratio is not good for long-term investors, in my opinion, and if you decide to buy Algorand (ALGO) this month, you should always use a stop-loss order.

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Technical Analysis: $ 1.2 Represents Strong Support Level

This cryptocurrency has taken a big leap in a short period and if you decide to buy Algorand (ALGO) this April, you should consider that the price could also weaken from current levels.

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Critical support levels are 1.20 and $ 1; $ 1.6 and $ 1.8 represent current resistance levels. If the price jumps back above $ 1.6, it would be a signal to trade Algorand (ALGO), and the next price target could be around $ 1.70.

On the other hand, if the price falls below $ 1.20, it would be a firm “sell” signal, and we have the path open to support at $ 1.

Resume

Algorand (ALGO) continues to operate in a bull market, and the positive news is that Vesta Equity announced last week that it would use the Algorand blockchain. Many estimates say that this cryptocurrency price could advance further in the ongoing bull market, but if the price falls below $ 1.20, it would be a firm ‘sell’ signal.