Cryptocurrency Algorand (ALGO) is showing significant growth, increasing over 5% and reaching $0.2809. This surge is supported by positive market trends.
Current Price Trends of ALGO
ALGO continues to rise, demonstrating new consecutive signs of strength amid overall favorable market conditions. Trading volume has increased by more than 17%, signaling growing interest in the asset. Key factors for this rise include institutional purchases and awareness of new opportunities within the ISO 20022 standard.
Price Level Analysis
On the 4-hour chart, the ALGO price is under pressure from a descending trendline that has capped prices since mid-July. Meanwhile, the price is testing resistance at the $0.285-$0.290 range. The RSI indicator shows a value of 55.89, indicating strength for trading. If the price can continue to stay above $0.274 and break the trendline, this could lead to a bullish rise towards $0.305-$0.310.
Short-Term Outlook
If buyers can overcome the $0.290 level with high trading volume, a quick rise to the price levels of $0.305 and $0.310 may occur. Conversely, if ALGO is pushed below $0.274 again, it may revisit the support zone of $0.260-$0.262. Maintaining the level of $0.274 and a stable RSI are short-term goals for bulls.
ALGO displays positive dynamics both technically and fundamentally. With an increase in real-world applications and institutional interests, as well as stable market metrics, continued growth appears quite probable.
