Algorand (ALGO) Maintains Optimism for Extended Upside Movement 

Algorand has demonstrated impressive performance in today’s trading activities, accruing profits of over 12%. Despite witnessing some corrections towards lower levels in the market, the token sustains a positive outlook with the potential for further upward movement.

Key ALGO Statistics:
Current Basic Algorand Value: $0.1792
Algorand Market Cap: $1,430,648,048
ALGO Circulating Supply: 8,006,635,990
Total Supply of Algorand: 8,006,635,990
Algorand CoinMarketCap Ranking: 50

Key Price Levels:
Resistance: $0.1792, $0.1850, and $0.1900
Support: $0.1750, $0.1700, and $0.1650

Algorand Remains Bullish Despite Minor Losses

In the ALGO daily market, price activity has surpassed levels not seen in the past seven months. Despite hitting some take-profit marks, the market maintains a bullish stance.

The latest price candle reveals that the token is still trading significantly above the upper limit of the Bollinger Bands. Additionally, the Moving Average Convergence Divergence (MACD) indicator lines continue to rise above the equilibrium level, and the bars suggest that the tailwind is strong enough to initiate further upside retracement, evident in their progressive increase in height.

ALGO Corrects Slightly Downward but Primed for Rebound

On a smaller time frame, Algorand price action appears to have encountered resistance but rebounded subsequently. Notably, the token is still trading above the upper limit of the Bollinger Bands, and bullish dominance is evident in the MACD bars remaining green despite a minor downward deflection.

Technically, this market is poised for a retracement towards higher price levels, providing traders with the potential for prices to rise towards the $0.1900 mark.

Trade crypto coins on AvaTrade