Algorand Technical Analysis: ALGO/USD sees a breakout above $0.65 with a significant increase in trading volume

ALGO/USD is currently trading at $0.66 after touching $0.69 and briefly pulling back.
Algorand is ranked 33rd by market capitalization and it’s close to an all-time high.

Lorenzo Stroe Independent Analyst

Algorand has a $500 million market capitalization after the recent bull rally and has seen a massive increase in trading volume over the past month. The digital asset is up by 29% in the last 24 hours with a peak of $0.69 and a low of $0.49.

ALGO/USD daily chart

The 100-EMA and the 200-EMA are just crossing bullishly for the first time since basically the beginning of Algorand. The RSI is overextended but will not likely influence the price of ALGO in the short-term. MACD continues being positive and bulls are facing very little resistance to the upside.

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.