- Algorand gains momentum on the chart and continues to climb up
- The token’s weekly performance has been up by 3.06%
- ALGO’s current market price got increased by 8.755 since yesterday’s closing price
Algorand, or ALGO, is currently enjoying a bullish booster clamped on its market price and gradually climbs up the chart. With a market rank of 20 and a market dominance of 0.45%, the token is trying to match its previous market high achieved in the last month. The market cap of ALGO has been down by a mere 1.12% for the past couple of hours. However, the trading volume observed a rise in its value by 38.8% in the last 24 hours. The ALGO/BTC pair stands at 0.00003314 BTC, an intraday loss of 0.73%. The ALGO/ETH pair registered profit in its value by an increment of 2.73% during the intraday session.
The 30-minute chart above explains the bullish trend of Algorand. The current market price of the token is getting strong support along the trend line (white line), which seems to be making an ascending triangle with the support and resistance levels. The rectangular regions on the chart indicate the price correction of ALGO and how it went up whenever the correction took place. The token is trading right in the middle of 50, 100 and 200 EMA lines. It happened when the token’s candlesticks created a ‘three black crows’ pattern (refer to the recent rectangle).
The current situation of ALGO suggests trend continuation, claim backed by the oscillators
The 3-month performance of ALGO has been up by 54%. The MACD line is way above the zero level and about to intersect the signal line from above. The said occurrence indicates the continuation of a current trend. The RSI once went in the overbought zone and came back to neutrality. Therefore, it currently suggests a no buy/sell action.
The resistance is at $2.04. ALGO may get support at $1.56 and $1.74.
Conclusion- Algorand is currently climbing gradually and may continue to do so unless a trend reversal occurs. The current price may stabilise before climbing further to gather momentum from the volumetric actions of its investors. So, one may consider putting their money in at the current market price unless they want to wait for another dip. However, it is advisable to conduct personal analyses of assets before investing while considering market risks.
Support- $1.56 and $1.74