Algorand (ALGO) Price Turns Positive, Bulls Eyeing Further Gains?
May 16 2023 - 3:30PM
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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. Related Reading: US Banking
Crisis Worsens With Half Of America’s Banks On the Verge Of Failure
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. Related
Reading: Crypto Firms Should Ditch Banks To De-risk From Volatile
Systems, Says Cardano Founder 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.
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
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