A recent research paper from Google on quantum computers has mentioned Algorand (ALGO) 32 times, all in a positive manner. This has sparked a renewed retail interest in the OG token, while ALGO’s price inked 52% gains in a matter of a week.
ALGO’s Back Above $1B, Charts Hint At Drastic Swings
However, this is still far from the all-time peak of $3.56, something that Algorand (ALGO) has achieved over 7 years ago, on June 20, 2019. The recent rally has put Algorand back beyond $1 billion by global crypto market cap, but technicals are still shady.
According to a recent technical breakdown by More Crypto Online, Algorand’s price is showing a very clear structure – the B wave in a 5-count Elliott Wave structure is now showing a potential bounce back from March’s lows to roughly $0.25 – $0.26, but comes along with a succeeding pullback to $0.088 – $0.106, the mainstream analyst notes.
Further on, the ability to hold this support box enables a bullish Wave C, but the broader trend is still bearish, so the trader expects this to be a counter-move larger than an extended price trend. Technical assumptions aside, Algorand’s (ALGO) ability to restore the $0.25 resistance will highly depend on the blockchain’s adoption in traditional finance.
Algorand’s Quantum-Proof Scheme Goes Way Back
Winning the frontrunner’s status in the field of quantum-computer resistance, Algorand’s been preparing for that all along – back in 2022, Algorand began using FALCON signing State Proofs, deploying the quantum-resistant signature scheme earlier than major competition. The connection goes deeper: Falcon’s co-inventor Chris Peikert is also Algorand’s CSO.
The Chief Scientific Officer (CSO) has contributed towards ongoing work on Algorand chain’s AVM opcodes, which are crucial for setting up the proper key rotation in order to reach a 100% quantum-computing resistance.
With the broader market sentiment still deeply researching the quantum AI risk to the crypto sphere, ALGO stands out in an extremely fearful market.
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People Also Ask:
Google recently released a paper praising Algorand as one of the few major blockchains already taking real steps toward quantum resistance. This positive mention caused a lot of excitement in the community.
Algorand (ALGO) pumped around 29% in a short time & 52% overall weekly after the Google research came out. Many investors see quantum resistance as a big long-term strength.
Not yet. Algorand’s current all-time high is still $3.56 (set in 2019). Even after the recent 29% surge, ALGO is trading far below that level and would need a massive rally to break it.
The Google recognition gave Algorand fresh attention and momentum. Many believe that if quantum-resistant tech becomes more important in the future, Algorand could see strong demand and finally challenge its old high.
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