Algorand’s new announcement raises hopes of a move to DeFi…details inside

  • Algorand has adopted a new self-care exchange as part of a deeper focus on DeFi.
  • The ALGO bulls regained control, but the stakes remained high as uncertainty crept into the trend.

Algorand [ALGO] announced a new development on January 19 that could shed light on a potential strategy to drive growth with DeFi. The blockchain network revealed that the C3 protocol has introduced a new self-sustaining exchange system called “C3”.

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The topic of self-care, which is becoming increasingly popular in 2023, has been critical to understanding this partnership. The year 2022 was rampant with cryptocurrency exchanges crashing. In addition, the community has seen the cracks and perils of conservation and central exchanges.

The launch of C3 will likely encourage self-care and allow Algorand to profit from the DeFi division. The latter could be one of the fastest growing sectors, and this move by Algorand could put it in a position to capitalize on that growth.

ALGO is bouncing back at this key level

It was an interesting week for ALGO’s performance, as well as for the crypto market in general. However, there has been some downward trend in recent days, which has led to a 12% correction from the recent monthly high. Fortunately, this bounce was short-lived as prices bounced back to the 50-day EMA, which arguably acted as a psychological buying area.

Source: TradingView

It should be noted that the price also rebounded after it encountered the 50% RSI level. In addition, there was an increase in social dominance. Perhaps this was an indication of the increase in interest in ALGO, which reduced the downward trend and eventually emerged as bullish volume.

Social gourand size

Source: feeling

What is the value of 1,10,100 ALGO today?

The above note was consistent with the bullish pivot observed in the weighted ALGO sentiment on January 17th. This confirms that investor expectations favor the bulls, hence the short-term downside. This bullish trend may be supported by the slight uptick in Algorand development activity since early January.

Algorand development activity and weighted feelings

Source: feeling

ALGO’s current price movement reflects the performance of the overall crypto market. This made it difficult to predict the next move with 100% accuracy. However, investors should be at least pleased with Algorand’s increased focus on DeFi.

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