Has the ALGO upgrade changed the tide?

Algorand’s price surged 4.8% during yesterday’s trading session, following news that its latest upgrade has boosted its performance by a factor of five. Earlier in today’s session, however, Algorand appeared to have resumed its bearish trend, down one percentage point at press time.

Algorand, known for its pure proof-of-stake, carbon-negative layer 1 blockchain network, has reportedly rolled out a quantum-safe upgrade to its protocol that can reach speeds of 6,000 transactions per second (TPS) from an initial 1,200 TPS.

This upgrade will allow Algorand to continue to be one of the most competitive blockchain networks on the market. Its transaction speed increase is already the fastest, which will allow Algorand to continue to solidify its position against competitors such as Bitcoin at 5 TPS and Ethereum at only about 10 TPS.

The upgrade will also see Algorand begin using Proof of State on its network. This additional capability will enable Algorand users to secure the connection of multiple blockchains without the need for a third party, enabling trustless cross-chain communication on the network. In short, the Proof of State feature will help secure Algorand’s network by eliminating the need to use bridges, which have become synonymous with cyberattacks over the past few years.

Algorand Price Prediction

The strong performance of the Algorand price in the market yesterday was a response to the upgrade, which is now live on mainnet. However, going into today’s session, the price rally appears to have run out of steam, already down a percentage point.

Looking at the chart below, we can see that the price of Algorand has been struggling in the market since August 20 and has been trading in a horizontal trend most of the time. Even with the price surge yesterday, Algorand still looks to be struggling. With today’s price resuming a bearish trend, interrupted by news of a new network upgrade, my Algorand price forecast expects it to continue trading sideways.

It’s very likely that we won’t see any major moves in the market over the next few sessions. I expect Algorand to continue trading within a tight range of $0.27 and $0.31 for the foreseeable future. My analysis fails only when prices are below or above these levels.

Algorand Daily Chart

Source of information: Compiled from INVESTINGCUBE by 0x Information.The copyright belongs to the author and may not be reproduced without permission

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