As banks all across the world are deemed to switch from the antiquated SWIFT MT financial messaging system to the highly structured and information-dense ISO 20022 standard in the upcoming years, so are investors preparing for the same
What is ISO20022?
The ISO20022 is the mode of payment underway bridging the crypto and fiat worlds. This adaptable framework offers business communication syntax and semantics that will be acceptable to both traditional systems and the crypto community globally.
User communities and message developers will use the same message structure, shape, and meaning globally to communicate financial transaction information. However, it’s unclear how this will work or whether it will be effective.
Meanwhile,Algorand crypto is making strides, up 20% in 24 hours. This leaves investors stranded on whether to invest in it yet. Can ALGO make you a millionaire in 2023?
What is Algorand (ALGO)
ALGO (Algorand) is a blockchain platform that aims to provide a secure, decentralized, and scalable ecosystem for building decentralized applications (dApps). It uses a pure proof-of-stake consensus algorithm, allowing fast and efficient transaction processing. ALGO is the native token of the Algorand blockchain and is used as a means of payment for transaction fees and a medium of exchange.
The Algorand platform uses a unique consensus algorithm called Pure Proof of Stake (PPoS), which allows fast and secure transactions without requiring the intense computing power and energy consumption of other consensus algorithms like Proof of Work (PoW).
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Algorand also offers several features that make it appealing to developers. For example, it supports the creation of smart contracts, which are self-executing contracts that can automate complex processes. It also offers a range of developer tools and resources to help them build and deploy applications on the platform.
Recently, the token has been involved in several projects. This could be the reason the token is gently surging. Now a lot of money can be exchanged for the ALGO blockchain.
ALGO Market Price Analysis
Since its launch in June 2019, ALGO has seen a lot of price movements. In the early days of cryptocurrency, the price was relatively stable and traded at around $0.25. However, in the latter half of 2019, the price of ALGO started to rise, and by the end of the year, it had reached a high of around $0.80.
In early 2020, the ALGO market experienced a significant downturn, with the price dropping to around $0.20. However, as the year progressed, the price of ALGO started to rise again, and by the end of the year, it had reached a high of $1.
At the time of writing, the current price of Algorand (ALGO) is trading at $0.278955, with a trading volume of $154,947,467 over the past 24 hours. This indicates a decrease of -1.50% in price over the last 24 hours but a noteworthy increase of 13.70% over the last 7 days.
Algorand’s market capitalization is valued at $1,980,924,945, considering its circulating supply of 7.1 billion ALGO tokens.
ALGO Technical indicator Price Analysis
ALGO/USDT Chart by Tradingview
The price of Algorand bottomed out towards the last quarter of 2022. However, the onset of 2023 gave ALGO a new rise from its support level of $0.22. The market price has been bullish and trading along the upward channel. Currently, the price is on a buy with high momentum pressure from investors. Should the market price break above the channel, then a bull run will be inevitable—besides, the 50-day moving average supports the market price of ALGO.
The price of Algorand indicates a bullish signal on the MACD. On the daily chart above, the MACD seems to have crossed above the signal line, showing a bullish trend. This suggests that the price of ALGO will likely continue to rise in the short term.
Consequently, the Relative Strength Index (RSI) shows that the ALGO token is overbought, trading at 70 levels. The RSI is a momentum oscillator that measures the speed and change of price movements ranging from 0 (oversold to 100 (overbought) when it is above 70 and oversold when it is below 30. The 70-level mark suggests that the price may be due for a correction in the short term.
Furthermore, the Bollinger Bands is trading at the upper band, suggesting that the token is overbought and may be due for a correction in the short term.
Based on the technical analysis above, we can forecast the price of Algorand to reach $0.8 by the end of Q1 of 2023.
Can ALGO Make You A Millionaire in 2023
The question will be determined by the number of ALGO you are holding. The move from 0.27 to $0.8 is tremendous and massive and can make you a millionaire quickly if you hold just as much as you can. However, for small traders, the language is quite different.
Source : ISO20022 Project: Can Algorand make you a millionaire in 2023?
