Algorand Surge 25% After New Initiative to Distribute 2 Million ALGO was Launched

Algorand Surge 25% After New Initiative to Distribute 2 Million ALGO was Launched
Algorand Surge 25% After New Initiative to Distribute 2 Million ALGO was Launched

Algorand, an environmentally-friendly network has been attracting more investors to the blockchain after its recent announcement to distribute 2 Million ALGO.

Algorand to Launch 2 Million ALGO Give Away

According to an announcement on December 29, Algorand network announced a new plan to give away 2 million ALGO tokens as a liquidity bonus for products built on its platform. ALGO, the native cryptocurrency of the Algorand blockchain, has risen by more than 25% in the last 24 hours and has performed amazingly in the context of the entire crypto market.

Algofi is Algorand’s first algorithmic currency market and stable currency and has partnered with the Algorand Foundation to distribute 2 million ALGO tokens ($3 million) through the Aeneas Liquidity Program in the first quarter of 2022. Starting January 2022, users who deploy, borrow and pledge Algofi will receive ALGO rewards through algorithms.

According to the Algorand Foundation, the $3 million liquidity mining program is set to drive DeFi rollout. On December 18, Algorand welcomes Algofi liquidity protocol offering a lending market, stablecoin and liquidity incentives on its blockchain. According to DeFiIlama, Algorand has seen positive growth of 4.7% in the past 24 hours, a growth of 25.55% over 3 days in TVL and the total value locked at press time is $108.05 million. 

Algorand (ALGO) Price Analysis 

Algorand (ALGO) rose faster as the number 18th Crypto was bought by investors. The recent surge above the psychological price of $1,600 put the bears on the defensive. ALGO/USD rallied above the MA 50 moving average of $1,669, confirming that short-term sentiment has been positive.

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ALGO/ USD, source: TradingView

The moving average (MA 200) of $1,400 serves as direct support. Even though it is unlikely to occur and if it does it could trigger a change that will force the final buyer to withdraw. So in this case, $1,258 will be the next level of support. Ahead is the $1.800 resistance seen from the daily chart.

A break from the December high of $2,039 is a strong signal suggesting that the bulls may have the final say. On this trading day, trend followers have come in and are expected to stay above the $1,600 psychological level.

At the time of writing, the price of Algorand is $1.75 and the trading volume for the last 24 hours is $676,360,105. In the past 3 days, Algorand is up more than 25%. Its real-time market cap is $10,630,076,558 and currently ranks 18th on CoinGecko data. There are 6,366,661,988 ALGO-Coins in circulation, with a total supply of 10,000,000,000 ALGO-Coins.