The crypto industry has displayed a significant uptrend over the past day as the market cap has recorded a jump of approximately 5% within the past 24 hours. Further, the Algorand price has recorded a significant jump of over 10% during the early trading hours, indicating a rise in bullish sentiment.
After displaying a neutral trend for a while, the ALGO price gained momentum and recorded a jump of 34.89% in valuation, following which the price traded sideways for a while. As the market volatility grew, the bulls lost momentum by 16%, after which the price experienced a bounce back.
The Algorand price traded sideways after hitting a high of $0.2755, following which the bulls jumped 24.51% before facing rejection at $0.3225. After trading sideways for a while, the bulls lost momentum, recorded a correction of 32.55%, and tested its low of $0.2175.
After testing its low of $0.2175, the bulls regained momentum and broke out of the resistance level where the price traded sideways for the next four days. Recently, the bulls recorded another jump, resulting in the ALGO price experiencing a jump of over 10% in valuation.
The technical indicator, MACD, displays a constant green histogram, indicating a strong bullish influence in the cryptocurrency industry. Moreover, the averages show a rising pattern, suggesting the price will continue gaining value in the coming time.
Will Algorand Price Increase?
If the market holds the price above the support level of $0.2755, the bulls will continue to gain momentum and test its resistance level of $0.30. Further, if the bulls maintain the price at that level, it will set the stage for the ALGO price to attempt to test its upper resistance level of $0.3070 in the coming time.
Negatively, if the bears overpowered the bulls, the Algorand price would fall to test its support level of $0.2590. Furthermore, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.240.
