Bitcoin [BTC] has taken a big tumble, down 2.7% in the last 24 hours, and the entire market is following suit. Despite the doom and gloom of the overall market, Algorand [ALGO]has come up with a new update and given some hope to its investors. Algorand has launched a new quantum technology called Falcon. This aims to improve Algorand’s sustainability in a post-quantum computing era.
quantum delusion
The impact of quantum computing on crypto has long been widely debated. The threat that quantum computing poses to cryptocurrencies has always been an issue. However, Algorand has cemented its position for the future by implementing the Falcon algorithm.
Algorand would like to use Falcon signatures in various applications. This includes “state proofs,” according to John Woods, CTO of the Algorand Foundation. This technology describes an interoperability standard that regulates the linking of multiple blockchains. But that’s not the only glimmer of hope for the altcoin. Amidst all the chaos, there are a few metrics that point to a positive outlook for ALGO over the long term.
A spark of hope
Algorand has definitely experienced significant volatility in terms of volume. However, as can be seen from the chart below, the volume of the token appears to be in an uptrend.
Source: Messari
Another plus would be the drop in volatility over the past few months. Low volatility with low average prices of $0.0004 and more than 25 million addresses speak for ALGO. This could protect the altcoin from bearish storms in the near term, thus protecting the altcoin to some extent.
Source: Messari
While there are some bullish points in Algorand’s favor, the price has told a different story.
Source: TradingView
The price of the ALGO token has been a combination of green and red for the past few months. At press time, the price per token is $0.31. Despite being in the green at the time of writing, the token is down 14.7% over the past seven days. The Awesome Oscillator (AO) was also showing red bars at press time. However, the Relative Strength Index (RSI) managed to move slightly away from the oversold territory and stood at 38.11. The Money Flow Index (MFI) was in the same region at 37.35.
With multiple collaborations and technological updates, the future may seem bright for ALGO in the long-term, but traders are advised to be cautious at this particular moment as they could also fall victim to the current bearish movement of the coin and the market.
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