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Algorand price pulls back before resuming the uptrend towards $2.50

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  • Algorand price corrects after a two-day blistering performance.
  • Ascending triangle breakout on the 12H chart points to more upside.
  • ALGO price remains on track to recapture $2.50 and beyond.

As the granddaddy of the cryptocurrencies, Bitcoin, enters a consolidative mode, altcoins, such as Algorand, seem to have taken the current bullish wave in their stride.

ALGO price rose over 10% over the past two trading days, breaking out of the one-and-a-half-month-long range play to reach the highest levels since September 13 at $2.43.

The latest rally in ALGO price was on the back of its partnership with Watr Foundation, a new Swiss-registered foundation. Watr is known for its protocol to digitize supply chains and boost transparency around sustainability.

Algorand is expected to outperform in the coming weeks, given its focus on eco-friendly, secure, and interoperable protocol, which offers an edge to investors when compared to Bitcoin.

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Algorand price bides time before the next push higher

Algorand price is extending its correction from two-month highs reached on Friday, losing 3.5% in the last 12 hours. ALGO bears look to retest the $2 mark once again.

Despite the retreat, ALGO’s renewed uptrend remains intact after the price confirmed an upside breakout from an ascending triangle on the 12-hour chart a day before.

The technical breakout has opened doors for a rally towards $2.63, which is the measured pattern target.

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On their journey northwards, ALGO bulls will face initial resistance at two-month highs of $2.43, above which the September 13 top of $2.55 will be put to test. 

Recapturing the latter will lead to a smooth sail towards the abovementioned pattern target.

ALGO/USD 12-hour chart

With the downtick in the Relative Strength Index (RSI), at the moment, ALGO price could fall further towards the upward-pointing 21-Simple Moving Average (SMA) at $1.94.

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If the corrective pullback picks up pace, then ALGO bears could extend their control towards the fierce support at $1.88, where the bullish 50-SMA and November 11 low coincides.

Further south, a sustained break below the confluence of the triangle support and 100-DMA at $1.83 will confirm the pattern failure and call for a bearish reversal.

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Algorand

Algorand Price Analysis: Can ALGO Price Initiate A New Rally With This Bullish Pattern?

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The ALGO coin maintains an overall bullish trend in its technical chart. The coin price has recently bounced back from crucial support of $1.56, and now with a double bottom pattern, it suggests a possible rally in the upcoming trading session. Watch out for these resistance levels in a long position.

Key technical points:

  • The ALGO price bounced back from the $1.56 support level
  • The ALGO price reclaims the 50-day EMA line
  • The intraday trading volume in the ALGO coin is $737.6 Million, indicating a 68.18% hike.
TradingView Chart

Source- ALGO/USD chart by Tradingview

The ALGO/USD chart displayed the price resonated in a rising channel pattern in the daily time frame. On November 16th, the coin price provided a decisive breakdown from its support trendline, indicating a great short opportunity for crypto traders.

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Though the ALGO price provided a decent retest to the new resistance trendline, the coin couldn’t pass an important support level of $1.56, providing significant demand pressure below this level.

The Relative Strength Index(56) indicated an impressive recovery concerning the recent bullish reversal from the bottom support.

ALGO/USD 4-hour Time Frame Chart

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TradingView Chart

Source- ALGO/USD chart by Tradingview

The ALGO coin showed a double bottom pattern in the 4-hour time frame chart. However, in addition to the neckline of the $1.56 mark, this coin will also be facing resistance from the ascending trendline, which was earlier providing good support in a parallel channel.

Furthermore, the price has already provided a breakout from these resistance levels, and if the price shows good sustainability above them, the crypto traders should get a good entry opportunity to go long. 

Moreover, the crypto trader can expect the next resistance level for the price at $2.1, followed by 2.28

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Algorand

Hivemind Launches $1.5 Billion Venture Fund, Partners With Algorand

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Renowned Wall Street veteran Matt Zhang has reportedly launched a $1.5 billion venture capital (VC) firm named Hivemind Capital Partners, per Bloomberg reports. The VC was launched to help crypto-based startups, as well as blockchain projects who are invested in building the infrastructure of the crypto industry.

Hivemind Focused On Building Crypto Infrastructure

While announcing Hivemind earlier today, former Citi executive Matt Zhang discloses that the underlying strategy will be to use part of the funds to encourage crypto-based startups. Not only that, but it will also prioritize projects whose focus is on improving crypto infrastructure and building virtual worlds. Lastly, Zhang says the remaining part of the fund will also be used in trading digital assets.

Meanwhile, as part of the efforts towards achieving the primary aims and objectives of Hivemind, the VC has collaborated with Algorand — a proof-of-stake (PoS) protocol. Algorand is a big deal of a blockchain project. Ranking in number 21, its native ALGO token is valued at over $11.3 billion in total market capitalization, per Coinmarketcap data.

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Venture Capital on The Rise

Meanwhile, something noteworthy in the crypto industry this year, is that venture capital has been high on the rise, with promising startups seeing funds to the tune of billions of dollars.

And with this $1.5 billion raised, Zhang’s Hivemind joins the league of dozens of other unicorns — a term used to describe startups with a valuation of over a billion dollars. Recall that Coingape earlier reported about Silicon Valley venture firm Andreessen Horowitz launching a $2.2 billion crypto fund in June, which was the largest ever as at that time. However, investment firm Paradigm, surpassed the June funding when it announced its own $2.5 billion funds in November.

One thing is for sure, and as Zhang claims, blockchain technology gained with its collaboration with Algorand, will go a long way in providing entrepreneurs in the crypto business, with infrastructure support that is not presently available.

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Algorand price to rally 20% as ALGO approaches a crucial demand barrier

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  • Algorand price has slithered lower and looks ready for a retest of the $1.59 to $1.69 support area.
  • A bounce from this barrier is likely to propel ALGO by 20% to $2.08.
  • A breakdown of the range low at $1.52 will invalidate the bullish thesis.

Algorand price has been on a downtrend for the past four days and has led to a crucial support level. A retest of this barrier could provide the bulls with a necessary oomph to kick-start an upswing.

Algorand price ready for a reversal

Algorand price has dropped 15% over the past four days and is currently hovering above the $1.59 to $1.69 demand zone. Interestingly, this zone is present just above the range low at $1.52. Therefore, investors can expect a trend reversal for the altcoin.  

Moreover, a dip into the support area mentioned above will likely replenish the bullish momentum and trigger a potential upswing. After a 15% run-up from $1.69, ALGO will face hindrance around the $1.97 resistance barrier. Clearing this hurdle will push it toward the 50% retracement level at $2.08, constituting a 20% ascent.

While this is a short-term target, if the buying pressure persists, investors can expect Algorand price to retest $2.16, coinciding with the 61.8% Fibonacci retracement level.

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ALGO/USDT 4-hour chart

ALGO/USDT 4-hour chart

While things are looking up for Algorand price, a breakdown of the $1.59 to $1.69 demand zone will create trouble for the bulls. If the selling pressure continues to build up, causing a 4-hour close below the range low at $1.52, it will invalidate the bullish thesis.

In this case, market participants can expect ALGO to crash 9% to retest the $1.37 support level.

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