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ALGO’s price jumped 8% after Italy identified Algorand Blockchain for its digital collateral platform

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Algorand price was on an upward trajectory at the beginning of November before reports emerged of FTT token difficulties and eventually peaked. FTX cryptocurrency exchange collapse. Since November 6, however, after the apparent revelation that FTX was about to crash, Algorand’s value has plummeted as ALGO’s price has fallen more than 50%, but the trend seems set to change after the recent news on the Algorand network.

At the time of writing, ALGO price was trading at $0.22, up 4.4% in the last 24 hours with a 24-hour trading volume of $60.68 million. Algorand’s recent price movement left the token’s market cap at $1.59 billion.

With a market cap of $4.23, AVAX currently ranks #20 in the market’s list of the largest crypto assets.

The latest Algorand Network news

In the cryptocurrency market, there are many things that depend on what kind of news is prevailing at the time, whether it is positive or negative. This is because news tends to affect the sentiment of traders and investors, which makes keeping an eye on what is happening in the crypto world a vital aspect for cryptocurrency market participants.

The Algorand ecosystem has seen massive adoption this year, among them a remarkable collaboration with FIFA for the Algorand Network to become FIFA’s official blockchain. In the joint venture, Algorand will help FIFA develop the digital asset strategy while FIFA will provide sponsorship assets.

Algorand also signed a deal with EI Salvador, at a joint project To develop the blockchain infrastructure for a Latin American country. Additionally, Algorand is working with ICON on a collaboration that will see Algorand have a security partner with BTP integration. Once this is achieved, the Algorand network will become more diverse and lively.

Furthermore, Air Europa Aviation Company also revealed a collaboration with Algorand to use the Algorand blockchain to mint NFTs for Air Europa. The Adventurer It also features TravelX, which comes to the aid of Air Europa by connecting and connecting the world of physical transportation with blockchain. As a result, Air Europa will become the first airline ever to use blockchain for “distribution and inventory management.”

In addition, Algorand has also signed deals with several other giant organizations such as LimeWire, NJ/NY Gotham FC, and hip-hop artist DMC, among others! And this is not the end. The latest news includes Italy’s decision to leverage the Algorand blockchain for its digital collateral platform.

The Bank of Italy selects Algorand for its Blockchain project

at recent days New release On Tuesday, December 13th, Algorand said that Bank of Italy I choosets network To serve as its own public blockchain platform, which is scheduled to be launched in early 2023.

According to the announcement, the new platform will be the first time that an EU country is making use of blockchain technology for it Bank and insurance guarantees.

The development is anchored on the expectation that a significant proportion of bank and insurance guarantees will use digital ledger technologies as part of the Italian National Recovery and Resilience Plan (NRRP). As part of its COVID-19 recovery plan, the European Union has allocated nearly 200 billion euros ($212.6 billion) to Italy.

Federico Rajola, a professor at CETIF, said in the statement:

“We chose Algorand because of its level of innovation and security that is unparalleled among unauthorized people [distributed ledger technologies]as well as because of its leadership in sustainability.”

On this note, stated in the press release “Blockchain is ideally suited to these types of programs due to the technology’s ability to provide fast, efficient, low-cost, and scalable data transactions,” adding, “Digital ledger technologies help protect against fraud — a known challenge with bank and insurance collateral.”

Algorand is described as a self-sustaining blockchain network and public protocol for cryptocurrencies. The native cryptocurrency token for the Algorand platform is ‘ALGOCurrency. All this indicates the strength and stability of the Algorand blockchain, and its adoption will benefit the price of the token.

ALGO price could jump to $0.33

Algorand price reached a high of $0.455 at the beginning of November before the FIFA World Cup kicked off in Qatar. What followed was a crash caused by the collapse of cryptocurrency exchange FTX that seemed to shake up investor interest in crypto assets. This was determined by a two-week sell-off as ALGO price corrected to lows around $0.225.

The coin then attempted a recovery on November 23 and stopped at the $0.25 resistance. Over the next few days, ALGO posted a series of lower highs and lower lows that eventually fell below the psychological $0.22 level on Monday.

This price action has formed a falling wedge pattern on the daily chart (below), indicating a significant bullish breach. This technical pattern on the chart is a significantly bullish reversal pattern which is confirmed when the price breaks above the upper trend line.

From the chart below, it can be seen that the falling wedge chart pattern was confirmed when Algorand price escaped from the formation on Tuesday, confirming the bullish breakout. The profit target for the falling wedge is measured by adding the maximum distance between the upper and lower trendlines to the breakout point.

In the case of ALGO, breaking the resistance provided by the upper trend line of the wedge around $0.218, which it is adopting before, opens the way for a rise of 22% with the target set at $0.271. Such a move would represent an uptick of 21.66%.rom current price is about 0.22 dollars.

Conversely, if the price declines after testing the $0.24 psychological level, it may continue to fluctuate within the range of the ruling chart pattern with its target lower.

ALGO/USD daily chart

TradingView chart: ALGO/USD

More bullish signals for Algorand price came from the increasing positive divergence between the price and the momentum indicator. To put this in perspective, ALGO’s recent downtrend, as marked by the falling wedge, was accompanied by an upward retracement through the RSI. A momentum oscillator is used to follow the trend to see the strength of the trend and to show whether an asset is oversold or overbought.

This scenario is referred to as a bullish divergence and indicates that the sellers are slowly loosening their grip on ALGO and the bulls are ready to enter the market again. The upward movement of the oscillator was a signal that buyers had begun to re-enter the market, which increased the credibility of the bullish hypothesis.

Also validating the token’s bullish outlook was the Moving Average Convergence Divergence Index (MACD) which was still bullish when it moved above its signal line on November 30. Note that the Algorand upward trajectory will gain more traction once the MACD crosses the zero line into the positive area.

On the downside, the Stochastic has been placed in the negative territory at 32, the MACD has been placed below the neutral line and the moving averages are facing downwards, which indicates that the price trend still favors the downside.

Therefore, if Algorand price moves away from the current level, it will first drop to the descending trend line of the $0.215 wedge, and later return to the boundaries of the pattern where it can continue consolidating for a few more days.

On a sharp decline, ALGO price might drop lower to mark the wedge support line at $0.195. Market participants can expect the sell-off to stop there, giving laggard investors an opportunity to buy Algorand at a discount before making another attempt to recover.

Investors should consider all objective reasons for the explosion of these new cryptocurrencies in 2023

After the changes in the crypto space in 2022, investors have seen a huge downward trend in the prices. With bears dominating the market, investors should definitely remain cautious with new investments. Assuming this difficult period extends into the next year, you should think about the most effective and safest investment models.

RobotEra (TARO)

There are many amazing reasons why RobotEra (TARO) is the ideal choice for investment this coming December and 2023. First, the project will enable users to play according to their imagination and create their own land, planet and continent.

In RobotEra, there are absolutely no limits, and players are free to engage in various activities including mining, building, energy gathering, gaming, and much more. The game also allows to get g resources from the earth and create robot companions.

RobotEra It integrates a non-fungible token (NFT) asset into the gameplay to provide all players with a real blockchain building experience.

The original token for the project is $TARO, which is the utility token in the RobotEra ecosystem. One of the token use cases is buying and selling within the ecosystem. It is developed on the Ethereum network and is based on the ERC-20 standard for tokens with limited functionality.

As of December 12th, the project had raised $500,000, but within two days the figure had grown staggeringly past the $540,000 mark.

this is An amazing feat given the downturn in the market. TARO now costs $0.025 per token.

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BNT/USD is trading near the $0.50 resistance

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The Bancor price prediction shows that BNT is crossing the 9-day and 21-day moving averages while the coin is taking off to the upside.

Bancor Prediction Statistics Data:

  • Bancor price now – $0.34
  • Bancor’s market capitalization is $55.8 million
  • The circulating supply of Bancor – 162.5 million
  • The total supply of Bancor – 162.5 million
  • Bancor Coinmarketcap Ranking – #287

BNT/USD market

Key levels:

Resistance levels: $300, $310, $320

Support levels: $130, $120, $110

BNTUSD – daily chart

BNT / USD It is currently trading at $0.345 after touching a daily high of $0.490, and is likely to return above the 9-day and 21-day moving averages. However, in case the buyers can push the price above the $0.50 resistance level, then the daily candlestick may close above this level, and the price may rise towards the upper boundary of the channel.

Bancor Price Prediction: Bancor is preparing for an upward movement

According to the daily chart, the Bancor price It is moving near the $0.40 resistance level as the coin is preparing for additional gains. The technical indicator’s RSI (14) is also moving to cross above the 50 level, where the signal line is pointing up to signal a buy signal.

However, if buyers are able to push the price and hold it above the 9-day and 21-day moving averages, Bancor price could rise towards the upper boundary of the channel to reach the potential resistance levels at $0.50, $0.55, and $0.60. While crossing below the lower border of the channel, it could lift the currency to the support levels at $0.25, $0.20, and $0.15, respectively.

Against Bitcoin, Bancor is following a bullish rally, and it could swing higher to cross above the upper boundary of the channel that could identify the resistance at 2400 SAT and above. On the other hand, if the market price crosses the lower boundary of the channel, it may reach the support level of 1800 SAT and below.

BNTBTC – Daily Chart

However, the technical indicator’s RSI (14) is currently moving to cross above the 50 level as the signal line is pointing north to confirm the upward move. Moreover, any further upward movement may create additional gains above the channel.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

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Dash 2 Tadawul – High Potential Pre-Selling

Dash 2 Trading
  • Active pre-sale is live now – dash2trade.com
  • Featured in Cointelegraph – $10 Million Raised
  • Know Your Customer verified and reviewed
  • The original code for the crypto signals ecosystem

Dash 2 Trading


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DYDX/USD could rise above $1.20

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Since the coin starts the upward movement towards the upside, the dYdX price forecast is likely to move steadily inside the channel.

dYdX prediction stats data:

  • DYDX price now – $1.10
  • DYDX market capitalization – $72.7 million
  • Circulating supply of DYDX – 65.5 million
  • Total supply of DYDX – 1 billion
  • DYDX Coinmarketcap Rank – #198

DYDX/USD Market

Key levels:

Resistance levels: $2.00, $2.20, $2.40

Support levels: $0.50, $0.30, $0.10

DYDXUSD – daily chart

DYDX/USD is likely to cross above the 9-day and 21-day moving averages as the currency begins its upward movement. in the past few days, dYdX price Struggles to cross over to the positive side. According to the daily chart, the RSI (14) technical indicator moved to cross above the 40 level, confirming the bullish movement of the currency.

dYdX Price Prediction: DYDX is ready for an uptrend

the dYdX price It is currently moving north. If the currency continues its upward movement, the bulls may cross above the 9-day and 21-day moving averages, which could reach the resistance levels at $2.00, $2.20, and $2.40. At the time of writing, DYDX/USD is showing a slight bullish movement on the daily chart.

Conversely, if the coin slips below the lower boundary of the channel, it may bring the coin back to the $0.50, $0.30, and $0.10 support levels, respectively. Meanwhile, long-term buyers should not be alarmed by the small impact down the road, as the future of DYDX is assured as evidenced by the technical indicator’s RSI (14).

Against Bitcoin, dYdX price is hovering below its 9-day and 21-day moving averages as the coin is poised for an upward move. The technical indicator’s RSI (14) also confirms the upward movement as the signal line encounters the 40 level. On the contrary, a potential downside move could emerge if the market price crosses below the lower boundary of the channel, which could reach the support level 200 SAT and below.

DYDXBTC – Daily Chart

Meanwhile, any further bullish move above the moving averages could push the coin to the 1200 SAT resistance level and above, and this could take the coin to a new high, and the market could remain in the bullish zone.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

Related

Dash 2 Tadawul – High Potential Pre-Selling

Dash 2 Trading
  • Active pre-sale is live now – dash2trade.com
  • Featured in Cointelegraph – $10 Million Raised
  • Know Your Customer verified and reviewed
  • The original code for the crypto signals ecosystem

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SBF to Enter Plea Deal, Mango Exploiter Arrested, Celsius News: Hodler’s Digest, Dec. 25-31

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