Algorand is going up during this month of September: its price per token has skyrocketed an incredible 90%. For what I see, this sudden rise is supported both by fundamentals and technical reasons. Let me give you some keys to the rise in $ALGO:
The market capitalization was wrongly calculated by the fact of erroneously considering "not supplied" 20% of the tokens. After this announcement, the metric shows all the tokens not held by the Algorand Foundation. Automatically, the market cap rose to top 20, atracting more investments.
El Salvador announces that Algorand is the selected blockchain to work with at a country level in order to dinamize economy and make it accesible through technology.
The 50-day MA (moving average) price crossed the 200-day MA, revealing a bullish run in the short term. This signal is used by traders (and bots) to take long positions on an asset.
- The governance of Algorand begins October 1, initiating an encouraging decentralization process unknown in most blockchains. It is interesting also for the rewards associated to the program.
The result: the token is now in the top 20 projects by market cap and the interest on it is still growing.