FxWirePro- ALGOUSD (Chart of the day)

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.  

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

Main features of ALGORAND-

Transactions per second -1000

Transaction speed-5 sec

Transaction fees- $0.001

Block finality- 4-5 seconds

ALGOUSD trades higher for the eighth consecutive day.

Any daily close above $0.50 confirms further bullishness.

ALGOUSD gained more than 50% in the past week. The pair holds above the short-term (21 and 55 EMA) and long-term moving average in the 4-hour chart. It hit a high of $0.3296 and is currently trading around $0.3226.

The bullish invalidation can happen if the pair closes below $1480. On the lower side, the near-term support is $0.25. Any close below target $0.20/$0.1480.

 The pair's near-term resistance is around $0.35. 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..60/$0.750.

It is good to buy on dips around $0.250 with SL around $0.140 for TP of $0.50.