Algorand embraced a new exchange of self-preservation as part of a deeper focus on DeFi. ALGO bulls regained control, but the stakes remained high as direction uncertainty crept in.
algorithm [ALGO] unveiled a new development on Jan. 19, which could underscore a potential strategy to tap into growth through DeFi. The blockchain network revealed that the C3 protocol has rolled out a new self-custody exchange called “C3”.
.@C3 protocol announced C3, a self-custodial exchange that offers a safe, transparent and reliable trading platform.
Learn more 👇https://t.co/CtvqSek4HY
— Algorand (@Algorand) January 19, 2023
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The topic of self-preservation, which has become increasingly popular in 2023, has been paramount to understanding this partnership. 2022 was rampant with the fall of crypto exchanges. In addition, the community witnessed the cracks and risks in custodial and centralized exchanges.
The launch of C3 could likely encourage self-preservation and allow Algorand to tap into the DeFi segment. The latter is arguably one of the fastest growing segments, and this move by Algorand could allow it to capitalize on that growth.
ALGO bounces back at this key level
It’s been an interesting week for ALGO’s performance, as well as for the general crypto market. There has been a downside in recent days, however, resulting in a 12% correction from the recent monthly high. Fortunately, this retracement was short-lived as prices bounced back off the 50-day moving average, which no doubt acted as a psychological buying zone.
Source: TradingView
It was worth noting that the price also recovered after reaching the 50% RSI level. In addition, there was an increase in social dominance. Perhaps this was an indication of increased attention to ALGO, which helped to curb the downside and eventually manifest itself as bullish volume.
Source: Sentiment
How much are 1,10,100 ALGOs worth today?
The above observation was consistent with a bullish pivot observed on January 17 in ALGO’s weighted sentiment. This confirmed that the investor outlook was in favor of the bulls, and thus the short-lived downside. This bullish-looking sentiment may have been further supported by the rebound in Algorand development activity since early January.
Source: Sentiment
ALGO’s current price action reflected the overall performance of the crypto market. This made it difficult to predict the next move with 100% accuracy. However, investors should at least be pleased with Algorand’s increased focus on DeFi.
This post Algorand’s new announcement raises hopes for a move to DeFi…Details inside
was published first on https://ambcrypto.com/algorands-new-announcement-raises-hopes-of-move-to-defi-details-inside/
