Bitcoin [BTC] it has taken a huge hit and is down 2.7% in the past 24 hours and the whole market is following suit. Despite the fate and obscurity of the market in general, Algorand [ALGO]unveiled a new update and gave its investors hope. Algorand has launched a new quantum technology called Falcon. This should improve the sustainability of Algorand in a post-quantum era.
quantum mania
The impact of quantum computing on cryptocurrencies has been widely discussed for a long time. The threat that quantum computing poses to cryptocurrencies has always been a problem. However, Algorand consolidated its position in the future by implementing the Falcon algorithm.
Algorand wants to leverage Falcon signatures in various applications. These include “State Proofs,” according to John Woods, CTO of the Algorand foundation. This technology refers to an interoperability standard that governs the linking of multiple blockchains. But that’s not the only glimmer of hope for the altcoin. Amid all the chaos, there are some parameters that suggest a positive long-term outlook for ALGO.
Glimmer of hope
Algorand has certainly seen significant volatility in terms of volume. However, according to the chart below, the token volume appears to be rising.
Source: Messari
Another plus point would be the reduction in volatility compared to the last few months. Low volatility with low median rates of $ 0.0004 and more than 25 million addresses work in favor of ALGO. This could equip the altcoin from bearish storms in the near future, thus safeguarding the alt to some extent.
Source: Messari
Although there are some bullish points in Algorand’s favor, the price told a different story.
Source: TradingView
The price of the ALGO token has been a combination of green and red for the past few months. At the time of going to press, the price per token was $ 0.31. Despite being green at the time of writing, the token has dropped 14.7% in the past seven days. The Awesome Oscillator (AO) also flashed red bars at press time. However, the Relative Strength Index (RSI) managed to move slightly away from the oversold region to come in at 38.11. The Money Flow Index (MFI) settled around the same region at 37.35.
With multiple collaborations and technology updates, the future may look bright for ALGO in the long term, but traders are advised to be cautious at this particular time as they may also fall prey to the current bearish movement of the coin and the market.