Algorand survives thanks to its technical and strategic partnerships

Algorand (ALGO), a proof-of-stake blockchain cryptocurrency protocol, has struggled to keep investors curious about its native coin. 2022 was marked by a series of Nursing Associate} attempts by the Algorand Network to avoid wasting its sick coin. These attempts have mainly taken the form of strategic and technical partnerships with other commercial entities, organizations and States. In the lightness of current market conditions, movements on the value charts revealed that ALGO is about to experience another bearish run.

Algorand’s performance since early 2022

Algorand’s native crypto coin was trading at $0.2905, at press time. After a price index of $1.66 towards the start of the year, this coin suffered by 80%. Over the past six months, the Algorand network has entered into partnership agreements with FIFA, the Keon Foundation, the Nigerian government, Developing Africa Group and Koibanx. However, no much-needed relief for ALGO at the moment.

ALGO started the year with a capitalization of $10.57 billion. Pegged at $1.98 billion at press time, the crypto has seen an 81% drop on the charts. ALGO was trading hands at $0.2905, at press time. After an index of $1.66 towards the start of the year, this coin suffered 80% associates. Over the past six months, the Algorand network has entered into partnership agreements with FIFA, the Keon Foundation, the Nigerian government, Developing Africa Group and Koibanx. However, no much-needed relief for ALGO at the moment.

The accumulation of vital parts forced a spike in its Relative Strength Index (RSI) between twenty-two, in March and April. However, a retracement, prompted by a general bearish run that took over April, soon followed. As a result, the RSI was pushed below 50. However, MACD indicated that the altcoin could also be primed for another sphere of decline in value.

Development activities on the blockchain are peaking

With various technical partnerships proclaimed over the past six months, organic process activity on the network has seen an uptick. Although there was a dip in April, it has since picked up and was noticed at 112, at the time of writing. This year, a 39% growth in development activities was recorded. This year, the best figures on the front were 2.17% recorded at the beginning of last month. It has continued to decline since.

With a reading of 0.49% at press time, it had registered 77% in just over a month. Social volume also hit a high of 1674 on May 3. He continued to say no at 79% by press time.

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