- ALGO crypto’s price surged 14.61% during the weekly trading session.
- The technical indicators summary suggests a bearish signal in the current phase.
- The trading volume has declined 12.28% in the last 24 hours.
Algorand (ALGO) is a decentralized blockchain-based network built for energy efficiency and fast transactions. The self-sustaining blockchain supports many secure, scalable, and efficient applications. Algorand aims to enhance performance guarantees that require computations to create new trust forms. The network uses a pure proof of stake (PPoS) consensus mechanism.
ALGO Crypto Jan, Feb, and Mar Performance, Market Cap, and Supply
Early this year, the Algorand crypto price experienced a bullish correction period. The cryptocurrency recorded over 28% negative profitability during January 2024. However, after the end of the correction period, a positive upsurge in the crypto price has been observed in February 2024.
The upsurge reflected 33.03% positive returns during February 2024. The sentiments had shifted to bullishness, positively impacting March with 26.13% returns. The price reflected an over 50% bullish rally to the $0.3302 supply level and fell over 29% in the current month.
There are 8.13 billion ALGO tokens currently circulating in the market. Cryptocurrency has a maximum supply of 10 billion tokens. The current market capitalization stands at $1.53 billion. The total diluted valuation of the cryptocurrency is estimated at around $1.89 billion. 24-hour trading volume has reached $47.21 million.
Price to Volume and Social Dominance Analysis
The social tweets about the cryptocurrency hike in early December 2023 impacted the price positively. However, the uprise in social buzz in early January 2024 had a negative impact on ALGO price. This indicates that it is not necessary for the social buzz always to have positive consequences. Currently, the dominance is rising to 0.972% in the crypto world.
Technical Analysis of the Algorand (ALGO) Price
The current price bounces back to the critical exponential moving averages, indicating a reversal. If the price rebounds, both the 50-day and 200-day EMAs, the continuation of the bullish trend can be expected.
After the breakout of the $0.2809 resistance level, the ALGO price faced strong resistance from the $0.3302 level. Afterward, it made an opposing move to the $0.1539 critical support level. In recent sessions, the price has formed multiple bullish candles at the key support level. The price can reach the $0.3302 resistance if the price gives a closing above $0.2480. Or, if the price slips below $0.1539, a shortfall to the $0.1367 level can be seen.
The relative strength index (RSI) line had a golden crossover with the signal line, reflecting a reversal in bullish strength. The RSI is moving at 40.88 above the signal line.
Summary
Algorand crypto has experienced heavy selling from the $0.3302 resistance since March 13, 2024. The cryptocurrency recorded over 50% opposing rallies. The ALGO price currently trades at $0.1886 above the critical support level. If the price gives a closing above $0.2480, the price can reach the $0.3302 resistance. Or, if the price slips below $0.1539, a shortfall to the $0.1367 level can be seen.
Technical Levels
- Resistance Levels: $0.2184 and $0.2809
- Support Levels: $0.1539 and $0.1367
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.