Algorand (ALGO) Surges by 18.19%

The price of the Algorand token has increased by an impressive 18.19% as of the time of writing. This move started about six sessions ago when price action in the market rebounded off the support at the $0.1600 mark. The momentum gained at that point has led to the current increase.

ALGO Statistics:
Current Algorand Value: $0.2356
ALGO Market Cap: $2,007,832,988
ALGO Circulating Supply: 10,000,000,000
Algorand Total Supply: 10,000,000,000
ALGO CoinMarketCap Rank: 54

Key Price Levels:
Resistance: $0.2400, $0.2550, and $0.2650
Support: $0.2300, $0.2200, and $0.2100

ALGO Remains Below the $0.2400 Mark

While the Algorand market has seen significant movement on the daily market, we can see that price movement has retreated below the technical resistance at the $0.2400 level. Nevertheless, the size of the body of the price candle suggests that much profit is still retained in the ongoing session.

Also, the Guppy Multiple Moving Average (GMMA) curves are converging below the last price candle. This shows that should a crossover eventually result here, prices may move further upwards. Meanwhile, the Stochastic Relative Strength Index indicator lines have risen deep into the overbought region. Yet, it should be noted that a crossover is yet to result from here, suggesting the upside retracement may persist.

Algorand Volatility Remains Intact

The ALGO 4-hour market shows that the token has seen the most significant movement in the ongoing 4-hour session, bringing the price of the token to a five-month high. Here, the GMMA lines are also below price activity. Likewise, the SRSI indicator lines have risen into the overbought zone of the indicator, but not as deep as seen on the daily market chart.

The last price candle here retains the appearance of the upper shadow, suggesting that downward forces are staging a rejection at the $0.2400 mark. However, considering the volatility, traders can still utilize bullish crypto signals with targets around the $0.2550 mark in this market.

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