Amidst A New Development Algorand Could Be Eyeing $1

2022-5-5 04:00

Algorand is currently bullish on its chart at the time of writing. Fifa’s governing body announced Algorand to be the official blockchain partner of the World Cup competition. It is set to happen in November. Ever since that announcement, the coin displayed positive price action.

After the coin fell through its long-standing support line of $0.66, the traders could have used that opportunity as an entry point. The news of Fifa’s World Cup news snatched that opportunity away from traders.

In a matter of a day, the coin soared by almost 14%. Algorand has broken past its immediate price ceilings and could aim for other resistances with persistent bullish price action. Buying strength has registered substantial growth owing to the new development.

Algorand Price Analysis: Four-Hour Chart Algorand was priced at $0.704 on the four-hour chart. Image Source: ALGO/USD on TradingView

Algorand was priced at $0.704 at the time of writing. On the four-hour chart, the coin depicts a descending resistance trendline. Ever since April, the bears had taken over the market. The buyers remained wary of the asset with bouts of increased buying pressure in the middle.

Immediate support for the coin was at $0.664. The aforementioned line was a resistance mark but the coin flipped that into a support region for itself. Immediate resistance for ALGO stood at $0.77 and then at $0.80, breaching which the coin could eye for $1.

Traders have responded to the recent development well because there has been a considerable improvement in buying strength. In case of a pullback, ALGO could fall to trade at the $0.560 price level. The trading volume of the coin was seen in green as buyers outnumbered sellers at the time of writing.

Related Reading | Five Months Of Fear: When Will The Bitcoin Carnage End?

Technical Analysis Algorand displays a sharp increase in buying pressure on the four-hour chart. Image Source: ALGO/USD on TradingView

The price of ALGO was seen parked above the 20-SMA line and that indicates bullishness on the charts. The reading meant that prices were driven by buyers in the market as they gained momentum. The asset was also seen trading above the 50-SMA which is also considered quite bullish.

On the Relative Strength Index, the coin indicator displayed an uptick. Over the last trading sessions, RSI had visited the overbought region. A price correction followed thereafter. At the time of writing, the market remained bullish and so did the buying strength.

Algorand depicted bullish market momentum on the four-hour chart. Image Source: ALGO/USD on TradingView

MACD underwent a bullish crossover and flashed green signal bars. The indicator determines the current and the upcoming market momentum. The reading on the MACD displayed bullishness which meant that ALGO could target moving northwards over the upcoming trading sessions.

Awesome Oscillator was also bullish as it painted a positive price action. The indicator displayed a single green histogram after a series of red histograms. AO’s reading established that ALGO could attempt to rally again over the next trading sessions.

Related Reading | Crypto Investors Dump Small Caps For Blue Chips Like Bitcoin

Featured image from UnSplash, chart from TradingView.com

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Algorand (ALGO) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0958887
Капитализация $0 Rank 99999
Цена в час новости $ 0.7197 (-100%)

algorand blockchain body announced partner official competition

algorand blockchain → Результатов: 126


Фото:

Blockchain Game Alliance Welcomes Algorand (ALGO) as Its Newest Member

Decentralized scalable digital currency and transactions platform Algorand (ALGO) today announced that it had joined the Blockchain Game Alliance (BGA) as a member and supporting sponsor. Algorand Joins the Blockchain Game Alliance Algorand, a permissionless, proof-of-stake (PoS) blockchain protocol that has provided tech infrastructure to several countries’ national currency projects is now an official memberRead MoreRead More.

2020-7-3 20:35


Algo Capital Raises $200 Million To Develop Algorand Ecosystem

Algo Capital, a financial institution focused on accelerating the Algorand ecosystem has announced a successful funding round for its VC fund, obtaining double the expected $100 million. The firm is a separate entity from both Algorand Foundation and Algorand LLC, but it is wholly focused on driving adoption, liquidity and access to the Algorand blockchain.

2019-8-27 16:22


Экосистема Algorand получила поддержку крупных инвесторов в размере $200 млн

Инвестиционная фирма Algo Capital, которая фокусируется на развитии экосистемы блокчейна Algorand, объявила о привлеченном финансировании в размере $200 млн. Полученные средства пойдут в специально созданный венчурный фонд Algo VC Fund, говорится в пресс-релизе организации.

2019-8-27 14:36


Algorand’s ALGO token listing on Coinbase Pro, price jumps 11.85%

The Coinbase Pro announcement of Algorand’s ALGO listing pushed the price up from $0. 727 to $0. 814 within 40 minutes, an 11. 85 percent increase—and wicking the price as high as $0. 841. Algorand—a Boston-based blockchain company created to improve blockchain decentralization, scalability, and security—made the news last month after it completed a $60 million token sale.

2019-8-10 03:55


BitMax.io (BTMX.com) Announces Listing of Algo (ALGO)

BitMax. io (BTMX. com) has announced the listing of Algo (ALGO), the native token of the Algorand blockchain network. The Algorand Foundation is committed to building a trusted, public, and permissionless infrastructure for the borderless economy with a pure proof-of-stake blockchain; the BitMax team is thrilled to provide strategic support to the Algorand team in their pursuit of this ambitious and innovative vision.

2019-6-19 20:49


Facebook’s Crypto Shopping Spree Isn’t Over Yet. Here’s Who Else They Might Acquire.

Facebook’s crypto ambitions are reportedly not limited to its acquisition of blockchain startup Chainspace, according to The Information. Facebook Has Met with at Least Three More Crypto Startups Citing unnamed sources, the publication said Facebook has been eyeing several blockchain startups with a view of making acquisitions.

2019-2-7 23:40


Algorand Blockchain and Crypto Project Inks $62 Million Dollar Investment

The next-gen blockchain and altcoin that was purpose-built to enhance modern businesses, Algorand, has just announced that it has secured a sizeable 62-million-dollar investment. Besides acquiring this substantial equity, the firm also added new senior executives to its board from some of the leading technology brands in the world. Among the new additions include Steve […]

2018-10-25 23:10


Блокчейн-стартап Algorand привлек $62 млн инвестиций

Стартап Algorand из Бостона, основанный профессором Массачусетского технологического института (MIT) и лауреатом премии Тьюринга Сильвио Микали, привлек инвестиции в размере $62 млн. Algorand announces @stevekokinos & @wsford as CEO & COO of Algorand.

2018-10-25 13:07


MIT Academics-Led Blockchain Startup Algorand Raises $62 Million for Enterprise Use

MIT Academics-Led Blockchain Startup Algorand Raises $62 Million for Enterprise Use Algorand, a blockchain startup launched earlier this year by an MIT computer science professor, has now raised $62 million and named a pair of high-profile Boston tech executives to lead the effort to commercialize its technology. The funding comes from a list of about […]

2018-10-25 04:57