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Algorand (ALGO) has gained attention as an eco-friendly blockchain with an efficient pure proof-of-stake consensus, built to address scalability, decentralization, and security.
Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout but Swing traders could trade between the trendlines (Buy at Support, Sell at Resistance) as long as the trendlines are still relatively far apart.
This article reviews ALGO’s latest price trends, market analysis, and news roundup.
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ALGO Crypto Price Analysis
- Current Price: $0.1145
- Market Cap: $955 million
- 24h Trading Volume: $50 million
- Circulating Supply: 8.32 billion ALGO
- Total Supply: 10 billion ALGO
Price remains in a downtrend following a bearish breakout from Ascending Triangle pattern. We wait for price to break above $0.15 resistance, to signal trend resumption with +12% upside potential to the next resistance of $0.17
Weekly Price Analysis
This week, ALGO has shown minor volatility with brief rallies.
Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down, Long-term trend is Strong Down.
Momentum: Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $0.11, then $0.087. Nearest Resistance Zone is $0.15, then $0.20.
Indicators and Market Sentiment
- 50-Day Moving Average: $0.1269
- Relative Strength Index (RSI): 37.6 (near oversold)
- Average Directional Index (ADX): 17.3 (indicates weak trend strength)
- Relative Volatility Index (RVI): 45.7 (low volatility)
News Roundup
- Alchemy Pay Partnership: Algorand recently integrated with Alchemy Pay, allowing seamless fiat-to-crypto transactions in over 170 countries.
- Ethereum Compatibility Efforts: Algorand is moving toward compatibility with the Ethereum Virtual Machine (EVM).
- Community Focus and Tether Partnership: Tether ceased new USD₮ minting on Algorand earlier this year.
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