Algorand's Ascent: Active Addresses Surge from 123,570 to 427,230

Algorand is a blockchain platform that enables frictionless finance. It is the world's first open, permissionless public blockchain that aims to create a borderless economy.

Cutting-Edge Consensus for Scalability

Algorand uses the Pure Proof-of-Stake (PPOS) consensus mechanism to improve the scalability of the blockchain.

Key Features of Algorand

• Transactions per second: 1000
   
• Transaction speed: 5 seconds
   
• Transaction fees: $0.001
   
• Block finality: 4-5 seconds

Advancements in December 2024

In December 2024, Algorand made significant advancements in its blockchain technology and user engagement. The company is focused on improving its permissionless blockchain, including upgrades that reduce block times to under three seconds, which was implemented on January 17, 2024. A key development is the integration of Python as a programming language, making it easier for a wider range of developers to build applications on Algorand. The platform is also transitioning to a peer-to-peer (P2P) network to enhance decentralization and resilience. User engagement saw a big boost, with Monthly Active Users (MAUs) increasing nearly 34% since August 2024, largely due to Coinbase Learning Rewards encouraging more interaction with decentralized applications. Daily Active Users (DAUs) peaked at around 180,000 during this time. Additionally, the Total Value Locked (TVL) in Algorand's decentralized finance (DeFi) ecosystem also grew, reflecting increased trust and investment.

Surge in Active Addresses Signals Growing Popularity

Algorand ($ALGO) has recently seen a huge increase in active addresses, growing by 300% since December 1, 2024. The number of active addresses went up from about 123,570 to 427,230. This large rise usually shows that there is more network activity and more people are starting to use the Algorand platform. Such growth often comes before price increases.

ALGOUSD Shows Signs of Recovery

ALGOUSD trades higher for the eighth consecutive day. Any daily close above $0.6250 confirms further bullishness.

Recent Performance and Key Price Levels

ALGOUSD lost more than 50% in the past two weeks. The pair holds above the short-term (34 and 55 EMA) and long-term moving average on the 4-hour chart. It hit a low of $0.2818 and is currently trading around $0.3654. The bullish invalidation can happen if the pair closes below $0.100. On the lower side, the near-term support is $0.25. Any close below will target $0.20/$0.1480. The pair's near-term resistance is around $0.38. Any breach above confirms minor bullishness. A jump to $0.45/$0.50 is possible. A surge past $0.50 will take it to 0.625/0.625/0.750.

Buying Strategy for ALGOUSD

It is good to buy on dips around $0.25 with a stop-loss around $0.140 for a target price of 0.50/0.50/0.620.