Besides, ALGO has also seen an increase in volume, recording an increase of 45.26% in the last 24 hours. So how has the upgrade affected the ALGO ecosystem?
Positive signals of ALGO
State Proofs will allow ALGO to link to bridges without any intermediaries.
State Proofs are now live! This technology enables the construction of decentralized bridges, allows nodes to join our consensus process without having to trust any “initializing” information, and makes @Algorand quantum-safe, all while prioritizing decentralization. GO ALGORAND!
— Silvio Micali (@silviomicali) September 21, 2022
The new integration will assist in preventing Algorand from quantum attacks that disrupt public key cryptosystems.
Overall, State Proofs will allow the ALGO community to own publicly verifiable electronic signatures.
ALGO’s NFT trading volume has increased from $186,000 on September 21 to $606,000 at the time of writing.
In addition, there are no positives to pick up from the whale supply percentage. However, further indications have demonstrated that the ALGO community may have taken its NFT parts seriously.
NFTs valued at more than $100,000 had no activity between 19 and 20 September. But since the State Proofs upgrade, transactions have risen to $346,000.
Will the upward ALGO trend continue?
Will ALGO token maintain its uptrend over the next few days? The RSI shows that ALGO’s momentum is still rising.
At the time of this writing, ALGO is heading for a buy at 69.48. If it rises further, there may be a reversal, which in turn can affect the price.
The EMA suggests the rally could last longer. Based on the 4-hour chart, the EMA20 (blue) is maintaining a solid stance against the EMA50 (yellow). With the position, it is very likely that the investor will have the opportunity to take more profits.
