- Algorand price had a significant breakout from a symmetrical triangle pattern on the 12-hour chart.
- The Algorand blockchain will support several other projects.
- ALGO will find weak resistance on the way up to $2, according to various indicators.
Algorand partners with important cryptocurrency projects to continue growing
Chainalysis, a blockchain analysis company, has partnered with Algorand to bring the cryptocurrency industry a solution for anti-money laundering compliance. Fangfang Chen, Chief Operating Officer of the Algorand Foundation, stated:
We needed a compliance partner that could not only help us adhere to regulations in Singapore where we are based but also global regulatory best practices. This will enable us to build the best transaction monitoring solution for the Algo token so that we can realize our mission of providing the world's first open, permissionless, pure proof-of-stake blockchain protocol securely and scalably.
#Swingby has received a grant to bring the Skybridge to #Algorand!— Swingby (@SwingbyProtocol) March 31, 2021
We're excited to be working with the Algorand team on this exciting project.
Together we'll build:
️ Bitcoin to Algorand bridge
️ Ethereum to Algorand bridge
️ Skypools integrationhttps://t.co/jsDOcJHHwZ
The Swingby Protocol has received a strategic grant from the Algorand Foundation to bring its Skybridge technology to the Algorand blockchain. The Swingby Skybridge is a trustless bridge between BSC, ETH and BTC, as well as other blockchains.
Algorand price ready for new yearly highs
On the 12-hour chart, the Algorand price had a significant breakout from a symmetrical triangle pattern with a price target of $2 in the long term. This was calculated using the maximum height of the pattern as a reference point.
ALGO/USD 12-hour chart
There is practically no resistance on the way up beside the $1.42 level, which has rejected the price several times in a row and the 2021 high of $1.84.
ALGO/USD 12-hour chart
However, the strong resistance level at $1.42 has rejected ALGO two times – on March 29 and again on April 1. Additionally, the RSI is close to overextension, which adds some selling pressure to ALGO. The digital asset could fall toward $1.2, where the 50 SMA and 100 SMA coincide.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.