Algorand Upgrades Consensus Mechanism and Launches Staking Rewards Program
Algorand (ALGO) underwent a significant consensus mechanism upgrade and launched a staking rewards program, leading to a price increase of over 4.78% to a daily high of $0.422.
- Validators proposing blocks receive real-time rewards starting at 10 ALGO per block, decaying by 1% every millionth block.
- Validators also earn 50% of the transaction fees from their proposed blocks.
- Total Value Locked (TVL) for Algorand increased by 3.86% in the last 24 hours, currently at $156.79 million, down from a peak of $292.83 million in February 2022.
Price Analysis
- Current trading price is $0.4164, down 87.53% from its all-time high of $3.28.
- Despite a 12.82% drop in the past week amid market corrections, ALGO has gained 158.85% over the past year.
- A bearish divergence in the technical indicators suggests potential resistance ahead, but a push above $0.6 could signal further gains.
The Relative Strength Index (RSI) shows buyers are in control, with a value of 52.76. A breakout towards $0.6 may confirm movement towards $1.