Home
News
- Algorand Crypto successfully crossed the supply zone with massive trading volume.
- ALGO price is approaching the 200 DMA of the EMA Ribbon Indicator in terms of a daily price scale.
- The market cap rose by 4.36% to $3.1 billion in the last 24 hours.
Investors are quite happy this weekend. The beginning of November is good for Algorand buyers as prices continue to slide and hedge orders are in place. Undoubtedly, the bears manage the asset prices under a broad horizontal range but eventually the buyers regain their dominance.
At the time of writing, the ALGO price is $0.439 per USDT. Prior to the breakout, Algorand had been performing poorly in general for the previous four months. The bears and bulls put up a major defense during this fight. In fact, the digital currency is up 3.56% in the intraday trading session.
Last night, the ALGO bulls actually pushed the asset price just above the supply zone (gray box), and the bulls are currently attempting to preserve the higher zone. In contrast, the most recent 52-week low of ALOG ($0.2765) is both a significant pumping location for buyers and a demand zone.
In the last two weeks, buyers have recorded nearly 50% rally in ALgorand price. Trading volume is continuously increasing during higher-highs trends. Last night, traders became witnesses of a highly volatile session, as it reported at $513 million together with 18% gain. As a result, Market cap hiked by 4.36% at $3.1 Billion in the last 24 hours.
Now bulls are aiming for the $0.50 mark as a resistance. Before this zone, ALGO price is approaching 200 DMA of EMA ribbon indicator in terms of the daily price scale.
RSI indicator reached in the extreme overbought zone. At the time it was present at 82 level, the highest peak of the last 20 months. Besides, MACD lines are in the positive region. Both moving lines are expanding in the positive region along with higher-highs histogram.
Conclusion
The Algorand price is trading above the supply zone, flipped into the immediate support area. Buyers are aggressively accumulating ALGO values for hitting the next resistance of $0.50 before the end of November.
Support level – $0.35 and $0.30
Resistance level – $0.50 and $1.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
