By Franklin Smith
Briefly-
- Algorand recorded notable upticks within the last 24 hours.
- The double-digit gains saw ALGO pushing towards weekly peaks.
- The bullish moves came even as analysts stated that Algorand might be in an overbought region.
Algorand (ALGO) has attracted attention in the crypto space due to its notable surges. The alternative coin recorded gains despite the overall market sustaining plunges. Bitcoin dragged the market down with its recent downward move towards $46,000.
Nevertheless, ALGO registered an impressive upward move, escaping further drops with its double-digit gains. The buying momentum triggering the asset’s gains came despite crypto analysts stating that ALGO might have entered the overbought area.
ALGO Bulls Persist
Algorand had presented bullish price movements over the last several days. ALGO holders have enjoyed notable returns despite the bearish weighing on the market at the moment. Furthermore, maintaining its current strength can mean Algorand exploring further highs. With that, near-term investors might enjoy profitable opportunities soon. For now, buyer and market support would support the coin’s bulls.
While publishing this content, ALGO traded at $1.70. That translates to lucrative gains as Algorand hovered near $1.41 24 hours ago. ALGO can progress with its uptrend as the market shows slight recovery signals from Wednesday’s dip.
Algorand at the Overbought Region
Meanwhile, Algorand has chances of recording another shift and seeing a southward movement. Though the latest uptrend saw ALGO overcoming massive resistance, the crypto space bearishness can see the asset exploring its lower support floors.
Also, the Relative Strength Index’s overbought condition reading can mean plummets for Algorand. The RSI indicates the altcoin might suffer a massive downswing that might erase the gains accumulated yesterday.
Massive plunges will see ALGO breaching the $1.70 mark, exploring the lower footing around $1.50. Failure to stabilize at this barrier will mean heightened selling pressure, dragging ALGO down to $1. However, moving to this mark will attract dip-buying, supporting swift rallies.
Encouraging analysts believe ALGO will hit $2 soon. Nevertheless, the token should maintain its current strength for the optimistic move. Moreover, the broad market price actions can detect Algorand’s upcoming movements.
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