ALGO prepares for 2023 when Algorand passes this critical milestone

  • Algorand started 2023 on a positive note with 1 billion transactions on its network
  • Decentralized projects helped ALGO reach its huge milestone

Algorand [ALGO] It’s off to a good start in 2023. The network has just passed 1 billion transactions, which is a big deal in terms of utility. But what does all this mean for Algorand and ALGO?

Are ALGO holdings blinking green? Check out the profit calculator

Algorand’s reach of 1 billion transactions is a testament to its usefulness over the years. This also translated into a healthy adoption rate as well as a great deal of value going into their ecosystem. Also of note is the fact that Algorand achieved this impressive feat without stalling, even under sustained high loads.

Algorand has been able to achieve this milestone thanks to its healthy accreditation and the introduction of decentralized projects. Among these projects is Dequency, a music licensing marketplace that could be instrumental in shaping the evolution of the music industry in the decentralized space.

Algorand also announced the merger of Dequency into Stripe Payments on January 3.

The move will allow artists in the music industry to decide whether to sell their licenses for either cash or cryptocurrency. Maybe both. But most interestingly, Dequency has the potential to benefit from strong growth through the music industry.

Gourand’s growth is on several fronts

Algorand’s prospects in January look good not only in terms of adoption but also in terms of development. The network was terminated in December as development activity slowed. However, it has begun with an increase in development activity.

Source: feeling

This increase in development activity may be perfectly timed to boost investor confidence. This appears to be the case given the demand for ALGO in the derivatives market. Both Binance and DYDX funding rates have seen notable improvements so far this week.Algorand ALGO derivatives application

How many ALGOs can you get for $1?

But can these factors support a favorable price movement? Well, ALGO has gained 16% in the past six days after pivoting from its 2022 lows. It was trading at $0.18 at press time, but the real question now is if it can sustain the rally.

ALGO price action

Source: feeling

ALGO’s price hike reflects increased cash flow, as evidenced by the Money Flow Index (MFI). The current path is showing significant strength, as evidenced by the Relative Strength Index (RSI), but it is now in the 50% RSI range.

There was also potential profit-taking near this range and a possible reversal. On the other hand, there may be more upside if the uptrend continues.

Leave a Reply

Your email address will not be published. Required fields are marked *