Algorand (ALGO) Price Surges Past a Nine-Month High

Price activity in the daily market in Algorand has continued to rise. The bullish momentum seems fiercely hot, and as of the time of writing, it has surpassed a nine-month high. Meanwhile, technical indicators are still maintaining a positive stance, suggesting that price action may extend its upside correction, thereby yielding more profits.

ALGO’s Statistics:

Algorand Price: $0.3454

Algorand Market Capitalization: $2.95B

ALGO Circulating Supply: 8.28B

Algorand Total Supply: 10B

Algorand CoinMarketCap Rank: 50

Key Price Levels:

Resistance: $0.3500, $0.4000, $0.4500

Support: $0.3000, $0.2500, $0.2000

Algorand Bulls Are on Rampage

Upside forces are pushing the price of the ALGO token higher and higher. As of the time of writing, the token has seen an 11.56% price increase. Meanwhile, price activity is now positioned high above all the Moving Average (MA) lines. Also, the price candle for the ongoing session can be seen yet has a long green body, which hints that there has been more buying activity in the session than selling.

Furthermore, the lines of the Stochastic Relative Strength Index can be seen to have just delivered an upside crossover. The lines of the indicator appear to be not extended despite the massive price movement. Consequently, this shows that bulls are quite strong and are likely to rise further in price increases.

ALGO Market Continues Its Strong Upside Correction

Price activity in the Algorand 4-hour market has continued upward. However, the 4-hour timeframe has revealed that the market has had a brief moment of less bullish oscillation near the 20-day MA line. Nevertheless, the market has once again picked up strong upside momentum since price action tested the 20-day MA line in the past five sessions.

Currently, price action is now about to break the resistance at the $0.3500 mark. It seems likely that the market may push through the mentioned resistance considering the behavior of the Stochastic RSI lines. Therefore, traders can still utilize crypto signals targeting the resistance at the $0.3750 or the $0.4000 price level.

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