Algorand (ALGO) jumped 32% to $0.3939 in 24 hours, gaining 60% weekly as market cap hit $3.27 billion and volume rose 44% to $1.38 billion.
Within the past twenty-four hours, the price of Algorand (ALGO) has experienced a surge, with the token fluctuating between a high of $0.408 and a low of $0.2952 during the course of the day.
Analysts have projected that the price will rise above the $1 mark as a result of this rally, largely due to the ‘Golden Cross’ visible on the ALGO price chart. Over the course of the past week, the price of Algorand has been on a bullish rise, with the price increasing by more than sixty percent.
Algorand Price Surges Over 30%, Rally To $1?
At the time of this publication, the price of ALGO was trading at $0.3939, representing a 32% increase from the intraday low. In the course of the rise, the market capitalization of ALGO increased by 32 percent, while its 24-hour trading volume increased by 44 percent, reaching $3.27 billion and $1.38 billion, respectively.
The price of ALGO has secured the top spot on today’s list of top gainers, reflecting the growing confidence of investors. In the meanwhile, the fact that 37% of holders are making a profit demonstrates that a sizeable percentage of the market is enthusiastic about the potential of the coin.
On the other hand, the remaining holders may either choose to maintain their shares in expectation of the ALGO price recovery or sell their positions. In addition, ALGO’s open interest reached an all-time high (ATH) of $81 million, which represents a 28% increase in open interest in just twenty-four hours.
The fact that open interest has been on the rise indicates that an increasing number of traders are placing bets on the token’s potential for additional rises. When combined with rising trade volumes, the high open interest in ALGO is a strong indicator that the bullish attitude around the cryptocurrency may continue to prevail in the foreseeable future.
ALGO Price Technical Analysis
From a technical perspective, strong momentum signs are supporting the recent price spike in ALGO. According to the current value of the Relative Strength Index (RSI) for ALGO, which is 83.63, it appears that the token is currently in the overbought region.
This highlights the strength of the current bullish trend, even though it implies a potential short-term downturn or consolidation. One of the primary factors contributing to the recent bullish surge on the ALGO price chart is the formation of a “Golden Cross”.
When a short-term moving average crosses over a long-term moving average, this is known as a Golden Cross. This type of indicator often indicates that market conditions are shifting toward being bullish. I
n the case of ALGO, the 50-day Simple Moving Average (SMA) has recently crossed above the 200-day SMA, which indicates a technical buy signal for investors. We anticipate that the price will shortly reach $1.
Furthermore, the Chaikin Money Flow (CMF) for ALGO is currently at 0.24, which indicates that there is a large amount of purchasing pressure. Given that this aligns with the high open interest and robust market volume, it further reinforces the belief that investor sentiment remains optimistic.
At the same time, analysts are bullish about the possibility that ALGO may surpass the $1 barrier. Based on the recent bullish breakthrough, technical objectives indicate that the price may go as high as $1.26, which would represent a possible increase of 300% from the current levels.