Algorand (ALGO) Price Turns Positive, Bulls Eyeing Further Gains?

0 8

Algorand (ALGO) has recovered from the bearish trend seen at the end of February 2023. From February 21 till May 8, ALGO recorded a loss of 45.13%, dropping to a low of $1.592. Despite the crash, buyers still pushed up the price of ALGO by more than 6% in the past few days.

Traders are optimistic and are eyeing the next move in the current trend, while the bears are slowing building momentum by holding their strong short position.

Will The Bulls Maintain This Current Bullish Momentum?

The sustainability of ALGO’s current price trend relies on several factors. Market conditions, such as supply and demand dynamics, overall economic factors, and external events, can generally influence the price.

However, the current market sentiment is bullish, while the Fear & Greed Index is 45, indicating neutral. This means the market’s state is stable, and the volatility is not high.

Within the last 24 hours, Algo’s general market cap gained 1.57%, rising to over $1 billion. The 24-hour trading volume surged by 15% overnight, rising to about $33 million.

Notably, at the time of writing, the ALGO token is trading at $0.1683 as bulls continue to have a good day with gains of 2.50%. 

However, the recent increase in ALGO’s general market suggests increased demand for the asset. As more investors and traders buy the asset, the increased buying pressure can lead to a rise in its price. The increase in trading volume suggests improved liquidity for the asset, which tend to attract more investor to the market. 

ALGO Technical Analysis

The price is below the 200-Day and 50-Day Simple Moving Averages (SMA). This suggests that ALGO market sentiment is still bearish; the selling momentum is stronger than the bull’s buying momentum.

However, the asset might rebound if the bulls increase their momentum, as green candles are showing today in the chart. The Relative Strength Index oscillator is showing 40.18. This means the asset is currently at neutral levels; the pressure from bulls and bears is normal.

Also, MACD is currently above the signal indicating a potential uptrend. The histogram confirms the bullish sentiment as its showing green candles and also above zero.

Algorand (ALGO) Price Turns Positive, Bulls Eyeing Further Gains?

knife

ALGO trades between its primary support and resistance levels of $0.1587 and $0.1853, respectively. The next key zones are the support level – $0.0992 and the resistance level – $0.2427.

Recent Development In The Algorand Ecosystem

Alogrand recently introduced a new plugin-based tool for enhancing Blockchain Data Access named Conduit. Conduit aims at providing improved access to blockchain data. It is an upgrade to the conventional one-size-fits-all Indexer, designed as a modular plugin-based tool. 

This plugin empowers decentralized applications (DApps) by offering precise and tailored data retrieval capabilities, all while maintaining cost-effective deployment options. Such developments on the network could increase adoption and utility and, in time, boost ALGO’s price.

Featured image from Pixabay and chart from Tradingview.com

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 68,099.25
ethereum
Ethereum (ETH) $ 3,531.58
tether
Tether (USDT) $ 0.999857
bnb
BNB (BNB) $ 602.25
solana
Solana (SOL) $ 184.75
staked-ether
Lido Staked Ether (STETH) $ 3,531.33
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.596578
dogecoin
Dogecoin (DOGE) $ 0.140686
the-open-network
Toncoin (TON) $ 7.16
cardano
Cardano (ADA) $ 0.447551
avalanche-2
Avalanche (AVAX) $ 32.61
tron
TRON (TRX) $ 0.13426
shiba-inu
Shiba Inu (SHIB) $ 0.000018
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 68,061.24
chainlink
Chainlink (LINK) $ 14.91
polkadot
Polkadot (DOT) $ 6.42
bitcoin-cash
Bitcoin Cash (BCH) $ 400.16
near
NEAR Protocol (NEAR) $ 6.33
uniswap
Uniswap (UNI) $ 8.14
litecoin
Litecoin (LTC) $ 74.00
dai
Dai (DAI) $ 0.999527
pepe
Pepe (PEPE) $ 0.000013
leo-token
LEO Token (LEO) $ 5.69
wrapped-eeth
Wrapped eETH (WEETH) $ 3,685.26
matic-network
Polygon (MATIC) $ 0.548554
internet-computer
Internet Computer (ICP) $ 10.68
kaspa
Kaspa (KAS) $ 0.179413
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.48
ethereum-classic
Ethereum Classic (ETC) $ 24.23
aptos
Aptos (APT) $ 7.47
ethena-usde
Ethena USDe (USDE) $ 0.999954
stellar
Stellar (XLM) $ 0.105444
monero
Monero (XMR) $ 164.03
blockstack
Stacks (STX) $ 1.96
mantle
Mantle (MNT) $ 0.884027
dogwifcoin
dogwifhat (WIF) $ 2.83
render-token
Render (RNDR) $ 7.16
filecoin
Filecoin (FIL) $ 4.78
maker
Maker (MKR) $ 2,913.34
injective-protocol
Injective (INJ) $ 27.68
arbitrum
Arbitrum (ARB) $ 0.803295
hedera-hashgraph
Hedera (HBAR) $ 0.074468
immutable-x
Immutable (IMX) $ 1.68
crypto-com-chain
Cronos (CRO) $ 0.095531
okb
OKB (OKB) $ 42.62
cosmos
Cosmos Hub (ATOM) $ 6.53
bittensor
Bittensor (TAO) $ 353.19
vechain
VeChain (VET) $ 0.030664
bonk
Bonk (BONK) $ 0.000033
arweave
Arweave (AR) $ 33.78
optimism
Optimism (OP) $ 1.96
sui
Sui (SUI) $ 0.855219
the-graph
The Graph (GRT) $ 0.21923
floki
FLOKI (FLOKI) $ 0.000207
first-digital-usd
First Digital USD (FDUSD) $ 0.998705
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,956.26
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,580.97
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,676.86
lido-dao
Lido DAO (LDO) $ 1.95
thorchain
THORChain (RUNE) $ 4.89
theta-token
Theta Network (THETA) $ 1.64
notcoin
Notcoin (NOT) $ 0.015989
bitget-token
Bitget Token (BGB) $ 1.15
ondo-finance
Ondo (ONDO) $ 1.09
fantom
Fantom (FTM) $ 0.539891
aave
Aave (AAVE) $ 99.47
jasmycoin
JasmyCoin (JASMY) $ 0.03047
jupiter-exchange-solana
Jupiter (JUP) $ 1.09
whitebit
WhiteBIT Coin (WBT) $ 10.14
based-brett
Brett (BRETT) $ 0.14547
coredaoorg
Core (CORE) $ 1.60
celestia
Celestia (TIA) $ 6.77
pyth-network
Pyth Network (PYTH) $ 0.367746
algorand
Algorand (ALGO) $ 0.159916
sei-network
Sei (SEI) $ 0.393323
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,527.70
mantra-dao
MANTRA (OM) $ 1.40
quant-network
Quant (QNT) $ 75.91
gatechain-token
Gate (GT) $ 7.86
elrond-erd-2
MultiversX (EGLD) $ 36.93
flow
Flow (FLOW) $ 0.653154
beam-2
Beam (BEAM) $ 0.019572
msol
Marinade Staked SOL (MSOL) $ 222.23
gala
GALA (GALA) $ 0.026419
popcat
Popcat (POPCAT) $ 0.971739
kucoin-shares
KuCoin (KCS) $ 9.93
axie-infinity
Axie Infinity (AXS) $ 6.39
bitcoin-sv
Bitcoin SV (BSV) $ 47.73
eos
EOS (EOS) $ 0.610279
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,599.04
ethereum-name-service
Ethereum Name Service (ENS) $ 27.40
flare-networks
Flare (FLR) $ 0.020297
tokenize-xchange
Tokenize Xchange (TKX) $ 11.07
dydx-chain
dYdX (DYDX) $ 1.45
bittorrent
BitTorrent (BTT) $ 0.00000090634283
ordinals
ORDI (ORDI) $ 41.57
akash-network
Akash Network (AKT) $ 3.58
mog-coin
Mog Coin (MOG) $ 0.000002
neo
NEO (NEO) $ 12.03