{"id":533264,"date":"2023-05-16T19:30:35","date_gmt":"2023-05-16T19:30:35","guid":{"rendered":"https:\/\/wncen.com\/?p=533264"},"modified":"2023-05-16T14:18:26","modified_gmt":"2023-05-16T14:18:26","slug":"algorand-algo-price-turns-positive-bulls-eyeing-further-gains","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/algorand-algo\/algorand-algo-price-turns-positive-bulls-eyeing-further-gains\/","title":{"rendered":"Algorand (ALGO) Price Turns Positive, Bulls Eyeing Further Gains?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Algorand (ALGO) has recovered from the <\/span><span style=\"font-weight: 400\">bearish trend<\/span><span style=\"font-weight: 400\"> seen at the end of February 2023.\u00a0<\/span><span style=\"font-weight: 400\">From February 21 till May 8, ALGO recorded a loss of 45.13%, dropping to a low of $1.592. <\/span><span style=\"font-weight: 400\">Despite the crash, buyers still pushed up the price of ALGO by more than <\/span><span style=\"font-weight: 400\">6%<\/span><span style=\"font-weight: 400\"> in the past few days.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Traders are optimistic and are eyeing the next move in the current trend, while the bears are slowing building momentum by holding their strong short position.<\/span><\/p>\n<h2>Will The Bulls Maintain This Current Bullish Momentum?<\/h2>\n<p><span style=\"font-weight: 400\">The sustainability of ALGO&#8217;s current price trend relies on several factors. Market conditions, such as supply and demand dynamics, overall economic factors, and external events, can generally influence the price.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, the current market sentiment is bullish, while the <\/span><a href=\"https:\/\/cfgi.io\/algorand-fear-greed-index\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Fear &amp; Greed Index<\/span><\/a><span style=\"font-weight: 400\"> is 45, indicating neutral. This means the market&#8217;s state is stable, and the volatility is not high.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Within the last 24 hours, Algo&#8217;s general market cap gained <\/span><span style=\"font-weight: 400\">1.57%<\/span><span style=\"font-weight: 400\">, rising to over $1 billion. The 24-hour trading volume surged by 15% overnight, rising to about $33 million.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/breaking-news-ticker\/us-banking-crisis-worsens-with-half-of-americas-banks-on-the-verge-of-failure\/?swcfpc=1\">US Banking Crisis Worsens With Half Of America\u2019s Banks On the Verge Of Failure<\/a><\/div>\n<p><span style=\"font-weight: 400\">Notably, at the time of writing, the ALGO token is trading at $0.1683 as bulls continue to have a good day with gains of 2.50%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, the recent increase in ALGO&#8217;s general market suggests increased demand for the asset. As more investors and traders buy the asset, the increased buying pressure can lead to a rise in its price. The increase in trading volume suggests improved liquidity for the asset, which tend to attract more investor to the market.\u00a0<\/span><\/p>\n<h2>ALGO Technical Analysis<\/h2>\n<p><span style=\"font-weight: 400\">The price is below the 200-Day and 50-Day <\/span><span style=\"font-weight: 400\">Simple Moving Averages<\/span><span style=\"font-weight: 400\"> (SMA). This suggests that ALGO market sentiment is still bearish; the selling momentum is stronger than the bull&#8217;s buying momentum.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, the asset might rebound if the bulls increase their momentum, as green candles are showing today in the chart. <\/span><span style=\"font-weight: 400\">The <\/span><span style=\"font-weight: 400\">Relative Strength Index<\/span><span style=\"font-weight: 400\"> oscillator is showing 40.18. This means the asset is currently at neutral levels; the pressure from bulls and bears is normal.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/cardano\/crypto-firms-should-ditch-banks-to-de-risk-from-volatile-systems-says-cardano-founder\/?swcfpc=1\">Crypto Firms Should Ditch Banks To De-risk From Volatile Systems, Says Cardano Founder<\/a><\/div>\n<p><span style=\"font-weight: 400\">Also, <\/span><span style=\"font-weight: 400\">MACD<\/span><span style=\"font-weight: 400\"> is currently above the signal indicating a potential uptrend. The histogram confirms the bullish sentiment as its showing green candles and also above zero.<\/span><\/p>\n<figure id=\"attachment_533279\" aria-describedby=\"caption-attachment-533279\" style=\"width: 860px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-533279 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/ALGOUSDT_2023-05-16_18-54-19.png?resize=860%2C471\" alt=\"Algorand (ALGO) Price Turns Positive, Bulls Eyeing Further Gains?\" width=\"860\" height=\"471\"><figcaption id=\"caption-attachment-533279\" class=\"wp-caption-text\">ALGO trades in green l <a href=\"https:\/\/www.tradingview.com\/x\/946hapyM\/\" rel=\"nofollow\">ALGOUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">ALGO trades between its primary support and resistance levels of $0.1587 and $0.1853, respectively. <\/span><span style=\"font-weight: 400\">The next key zones are the support level &#8211; $0.0992 and the resistance level &#8211; $0.2427.<\/span><\/p>\n<h3>Recent Development In The Algorand Ecosystem<\/h3>\n<p><span style=\"font-weight: 400\">Alogrand recently <a href=\"https:\/\/algorand.com\/\" rel=\"nofollow\">introduced<\/a> a new plugin-based tool for enhancing Blockchain Data Access named Conduit. <\/span><span style=\"font-weight: 400\">Conduit aims at providing improved access to blockchain data. It is an upgrade to the conventional one-size-fits-all Indexer, designed as a modular plugin-based tool.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This plugin empowers decentralized applications (DApps) by offering precise and tailored data retrieval capabilities, all while maintaining cost-effective deployment options. <\/span><span style=\"font-weight: 400\">Such developments on the network could increase adoption and utility and, in time, boost ALGO&#8217;s price.<\/span><\/p>\n<p>Featured image from Pixabay and chart from Tradingview.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Algorand (ALGO) has recovered from the bearish trend seen at the end of February 2023.\u00a0From February 21 till May 8, ALGO recorded a loss of 45.13%, dropping to a low of $1.592. Despite the crash, buyers still pushed up the price of ALGO by more than 6% in the past few days. Traders are optimistic and are eyeing the next move in the current trend, while the bears are slowing building momentum by holding their strong short position. Will The Bulls Maintain This Current Bullish Momentum? The sustainability of ALGO&#8217;s current price trend relies on several factors. Market conditions, such as supply and demand dynamics, overall economic factors, and external events, can generally influence the price. However, the current market sentiment is bullish, while the Fear &amp; Greed Index is 45, indicating neutral. This means the market&#8217;s state is stable, and the volatility is not high. Within the last 24 hours, Algo&#8217;s general market cap gained 1.57%, rising to over $1 billion. The 24-hour trading volume surged by 15% overnight, rising to about $33 million. Related Reading: US Banking Crisis Worsens With Half Of America\u2019s Banks On the Verge Of Failure Notably, at the time of writing, the ALGO token is trading at $0.1683 as bulls continue to have a good day with gains of 2.50%.\u00a0 However, the recent increase in ALGO&#8217;s general market suggests increased demand for the asset. As more investors and traders buy the asset, the increased buying pressure can lead to a rise in its price. The increase in trading volume suggests improved liquidity for the asset, which tend to attract more investor to the market.\u00a0 ALGO Technical Analysis The price is below the 200-Day and 50-Day Simple Moving Averages (SMA). This suggests that ALGO market sentiment is still bearish; the selling momentum is stronger than the bull&#8217;s buying momentum. However, the asset might rebound if the bulls increase their momentum, as green candles are showing today in the chart. The Relative Strength Index oscillator is showing 40.18. This means the asset is currently at neutral levels; the pressure from bulls and bears is normal. Related Reading: Crypto Firms Should Ditch Banks To De-risk From Volatile Systems, Says Cardano Founder Also, MACD is currently above the signal indicating a potential uptrend. The histogram confirms the bullish sentiment as its showing green candles and also above zero. ALGO trades between its primary support and resistance levels of $0.1587 and $0.1853, respectively. The next key zones are the support level &#8211; $0.0992 and the resistance level &#8211; $0.2427. Recent Development In The Algorand Ecosystem Alogrand recently introduced a new plugin-based tool for enhancing Blockchain Data Access named Conduit. Conduit aims at providing improved access to blockchain data. It is an upgrade to the conventional one-size-fits-all Indexer, designed as a modular plugin-based tool.\u00a0 This plugin empowers decentralized applications (DApps) by offering precise and tailored data retrieval capabilities, all while maintaining cost-effective deployment options. Such developments on the network could increase adoption and utility and, in time, boost ALGO&#8217;s price. Featured image from Pixabay and chart from Tradingview.com<\/p>\n","protected":false},"author":584,"featured_media":533286,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[85658],"tags":[71759,85413,1020,6664,1623],"class_list":["post-533264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-algorand-algo","tag-algorand","tag-algousdt","tag-blockchain","tag-crypto","tag-dapps"],"acf":[],"yoast_head":"\n<title>Algorand (ALGO) Price Turns Positive, Bulls Eyeing Further Gains?<\/title>\n<meta name=\"description\" content=\"Algorand (ALGO) has recovered from the bearish trend seen at the end of February 2023.\u00a0From February 21 till May 8, ALGO recorded a loss of 45.13%,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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