Algorand is currently trading at $0.126, reflecting a stable trend in the past 24 hours. With a market capitalization of $942 million, ALGO remains a prominent player in the blockchain space.
The trading volume indicates steady interest, with $33.6 million worth of ALGO being traded over the last day.
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ALGO Crypto Price Analysis
- Current Price: $0.126
- Market Cap: $942 million
- 24h Trading Volume: $33.6 million
- Circulating Supply: 7.5 billion ALGO
- Total Supply: 10 billion ALGO
- 24h Low/High: $0.121 / $0.129
Price is in a Downtrend, however, it had a bullish breakout from Falling Wedge pattern, which could signal at least a temporary bullish trend reversal with +22% upside potential to $.17 resistance. Stop Loss at $0.12.
This is a riskier trade setup because it’s a trend reversal not a trend continuation setup. It’s against the overall downtrend.
Weekly Price Analysis
- 7-Day Change: +3.2%
- Week Open Price: $0.122
- Trend: Short-term trend is Up, Medium-term trend is Strong Down and Long-term trend is Strong Down.
- Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
- Support and Resistance: Nearest Support Zone is $0.11, then $0.087. Nearest Resistance Zone is $0.15, then $0.20.
Technical Indicators
- Relative Strength Index (RSI): 57, suggesting slight bullish momentum.
- Moving Average Convergence Divergence (MACD): Bullish crossover, indicating a potential upward trend.
- Bollinger Bands: ALGO is trading near the upper band.
News Roundup
- Algorand’s ongoing partnerships and expansion into new markets have bolstered investor confidence.
- The recent launch of decentralized applications (dApps) on the Algorand blockchain has increased network activity.
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