As of the time of writing, the Algorand coin has seen a price increase of 25.27%. Such a magnitude of price increase has positioned the coin as the second most profitable coin as of the time of writing. Also, applied technical indicators are pointing to upside forces showing supremacy at the moment.
Algorand Statistics:
ALGO Price: 0.3095
ALGO Market Capitalization: $2.56B
Algorand Circulating Supply: 10B
ALGO Total Supply: 8.28B
Algorand CoinMarketCap Rank: 50
Key Price Levels:
Resistance: $0.3500, $0.4000, $0.4500
Support: $0.3000, $0.2500, $0.2000
Algorand Price Action Sees Sustained Bullish Pressure
Bullish momentum in the ALGO/USDT daily market has grown so strong. This has propelled the market to a height last seen in the past nine months. Such a strong price increase can be seen to have started since the previous session and has extended till now. Consequently, this has raised the market far above all the Moving Average (MA) lines on the chart.
The price is trading above the $0.3000 mark, and its position above the MA lines suggests that the trend may likely continue. Additionally, the Stochastic Relative Strength Index (RSI) lines have delivered an upside crossover at the 80 mark. The ensuing lines of the indicator are projected upwards but do appear overextended. As a result, this hints that upside forces are quite strong at the moment.
Upside Forces Retain Dominance in the ALGO Market
Price action in the Algorand 4-hour market can be seen to have risen quite high. What’s more is that as high as the market has reached, the behavior of price action is still suggesting that buyers are still dominant. The ongoing session in the market is represented by a long green price candle with an equally distributed body with upper and lower shadows.
Also, price action lies at a significant distance above all the MA lines as well. The Stochastic RSI lines are in the overbought region at the moment but seem prepared to plateau at the peak of that region. Technically speaking, this will give upside forces the opportunity to push higher towards price levels of $0.3500 or $0.3200 at the least. So crypto signals targeting such a market may be quite useful here.
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