ALGO Technical Analysis: With Increased Use-Cases, Prices Move Ahead Quickly
Let us see the technical analysis of ALGO.
Past Performance of ALGO
ALGO is currently trading at $1.928 after having climbed from $1.620 from November 26. It has performed quite well in November 2021. On November 17, the token surged more than 75 percent in very short order. Its Algo token surged from around $1.67 to as high as $2.83 before cooling off. This surge took place over the span of roughly 15 minutes.The addition of an Algorand exchange-traded product (ETP) in Switzerland took place just prior to the parabolic spike in Algo tokens.
ALGO Technical Analysis
Another major announcement the previous day was Capital venture firm Borderless Capital has launched a fund worth $500 million to support projects building on the Algorand blockchain. The new $500 million fund adds to the $400 million worth of Alogrand-focused funds that Borderless Capital already manages. This worked as a booster shot in the token’s pricing.
The On-balance Volume is at 801 million at the medium end of the spectrum and has been increasing steadily. It has been showing a stable incremental movement.
RSI has been in the flat region of 54 percent showing the price and volume can move. It is showing an impressive recovery concerning the recent bullish reversal from the bottom support.
The MACD and trend line has been converging above the histogram briefly indicating the prices can be neutral and with a weak sentiment.
Price Trends for the Day-Ahead and Tomorrow
The price needs some days to get to the level of the pivot price of $2.065 and can surpass the regions of $2.5454 and $2.8419. The ALGO price bounced back from the $1.56 support level and reclaimed the 50-day EMA line.