- Algorand tries to tap into many development activities to bring more value to its network.
- ALGO struggles to bounce out of the ranging zone but sell pressure resumes.
Algorand is making its way into the development fast lane. The network has demonstrated a resolve toward attracting more developers. This might be the next move in preparation for the anticipated bull run.
Read Algorand [ALGO] Price Prediction 2023-24
Algorand is likely doing the same thing that most top blockchain networks are doing- Trying to get a competitive edge and thrive during the next major rally.
Many rely on continuous robust development to get there. Algorand has recently been aggressively pushing towards that path. The network, of late, announced the launch of a video series that will focus on developers
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We're thrilled to launch our developer focused video series to assist builders in the #algorand ecosystem!
In this video our CTO @JohnAlanWoods shares why @algorand has the greatest blockchain tech, and the greatest tools to help you succeed.https://t.co/x0NpYCpuQk
— Ⱥlgorand Foundation (@AlgoFoundation) March 21, 2023
The announcement highlights Algorand’s commitment to encouraging more development within its ecosystem. Well, this is the best way to foster the creation of dApps and other projects within the ecosystem.
Can Algorand’s development push supercharge ALGO bulls?
Notably, a healthy development activity may boost investors’ confidence especially when backed by healthy market conditions. Algorand’s development activity metric has been on the rise for the last 7 days. At press time, it was at a weekly high.
Source: Santiment
The development activity surge aligns with demand recovery from the derivatives market according to the Binance funding rate. The latter bounced back in the last two days after previously dropping to the second-lowest weekly level.
Meanwhile, ALGO is among the top coins that have achieved a significant upside in the last 7 days. Its performance was particularly aided by a healthy upside in the last 24 hours at press time.
The coin previously struggled to overcome resistance at the $0.23 price range for the last few days. However, it managed to push past this level in the last 24 hours, as the market reacted to the latest report from the U.S. Federal Reserve.
A positive reaction from investors rode on Tuesday’s bullish momentum for a 17% upside on Tuesday (21 March) and Wednesday (22 March).
Source: TradingView
ALGO’s potential breakout from the current narrow range is still not certain given the prevailing market conditions. The top coins including Bitcoin were experiencing sell pressure at press time, which might cut short Algorand’s potential upside.
How many are 1,10,100 ALGOs worth today?
Furthermore, the coin experienced a large volume surge on Wednesday, which may have been the result of sell pressure. Its weighted sentiment has been growing weaker since mid-March. This means more investors have bearish expectations.
Source: Santiment
A resurgence of sell pressure will thwart ALGO’s latest attempts to break out of its current range at least in the short term. The next few days might yield a different outcome.
