The smart contract platform Algorand has risen by 27% over the past 24 hours, reaching a price level of $0.38. This momentum is driven by the 'golden cross' pattern, attracting investor interest and boosting trading volumes.
Market Moves Up: What Does the 'Golden Cross' Mean?
The 'golden cross' technical pattern occurs when a short-term moving average crosses above a long-term one. For Algorand, this happened when the 50-day moving average crossed the 200-day moving average. This signal is often seen as bullish, indicating a potential period of sustained asset growth.
Algorand Trading Volume and Price Impact
According to CoinMarketCap, Algorand's trading volume reached $1.01 billion, reflecting a 284% increase over the last 24 hours. The rapid growth in trading volume has supported price strengthening, which reached $0.329 in previous days, before dipping to $0.25 following investor profit-taking.
Current Outlook for Algorand
Algorand is on track for its longest winning streak since January 2021. The growth is driven by both technical factors and positive market sentiment. Moving forward, the price could aim for $0.50 and $0.60 levels, targeting $0.75 if the upward trend continues.
Algorand is showing steady growth amid the emergence of the 'golden cross' and increased trading volumes. Investors will continue to monitor the cryptocurrency's performance, anticipating further strengthening.
