ALGO Price Soars 20% as Market Cap Recovers to $4 Billion
The price of Algorand (ALGO) has surged 20% in the past 24 hours, bringing its market capitalization back to $4 billion. ALGO has gained 38% in the past seven days.
Key indicators such as the DMI and CMF are showing growing trend strength and buyer dominance, reinforcing optimism for a continued uptrend. With the EMA line forming a golden cross recently, ALGO may be targeting significant resistance levels that could unleash further upside if the bullish momentum persists.
Algorand’s DMI indicates a strong uptrend
algoland The DMI chart shows its ADX at 33.1, up sharply from 15.2 two days ago. This indicates that the uptrend is strong and rapidly strengthening.
+DI rose from 17.5 to 38.3, indicating increasing bullish momentum, while -DI fell from 19.9 to 11, reflecting easing bearish pressure. These moves suggest buyers are gaining control something The uptrend consolidates.
ADX measures trend strength, with values above 25 indicating a strong trend. Since +DI is significantly higher than -DI, Algorand Price Seems ready to continue its upward movement.
However, any stalling in ADX or a reversal in +DI could signal weakening momentum, potentially leading to a consolidation phase.
ALGO’s CMF reaches highest level since November 2024
something Chaikin Money Flow (CMF) is currently at 0.28, up sharply from -0.23 two days ago. This marks ALGO’s highest CMF level since November 29, reflecting a strong shift in market sentiment towards accumulation and buying pressure.
CMF measures the flow of money into and out of an asset over a period of time, with values above 0 indicating net inflows (buying pressure) and values below 0 indicating net outflows (selling pressure).
0.28 hours, algoland The CMF suggests buyers are in the driver’s seat, which if sustained, could support continued price gains. However, if CMF starts to decline, it could signal weaker demand and potential consolidation.
ALGO Price Forecast: A further 28% rise?
The Algorand EMA line showed a golden cross forming yesterday, signaling the potential for continued bullish momentum. If the current upward trend continues, algorithmic price A test of the $0.529 resistance is likely, a break above which could push it to $0.613, a potential upside of 28.2% from current levels.
The downside is that if the trend reverses, algorithmic price A test of the $0.43 support is likely. A break below this level could lead to further losses with the next key support level at $0.39. In a strong downtrend, Algorand price could drop to $0.28, erasing recent gains.
Disclaimer
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