Algorand’s Heating Up: From Google Shoutout to New ATH?

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.

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.

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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