Algorand Surges 16% in a Week As Indicators Point to Breakout

• Algorand price has surged 5% in the last 24 hours, suggesting bullishness.
• ALGO price is about to break the 50-EMA ($0.20848) mark. If it succeeds, investors may witness a short-term bullish rally.

Algorand price is showing bullish signs and is about to break the 50-EMA ($0.20848) level. The price took support near $0.15074 and showed a decent bounce. It broke out of the $0.180 hurdle with a high buying volume, which triggered the positive sentiment in the ALGO price. 

The recent upward move is supported by genuine buyers and it increases the reliability of the breakout. Moreover, the Algorand price has increased by approximately 16% over the last week indicating bullishness. 

According to CoinMarketCap data, at the time of writing ALGO price is trading at $0.19443 with an intraday surge of 5% indicating positive momentum. The daily trading volume has increased by 60% suggesting buyers’ presence and the volume-to-market ratio is 7.55% pointing to good liquidity.

Will Algorand Price Break Above Key EMA Levels?

The MACD histogram now shows a positive trend and the MACD curve crosses above the signal line which indicates a possible upward market momentum. The positive MACD crossover suggests a potential breakout. 

ALGO price shows indications of starting an upward trend. However, as the ALGO price is still trading below the key EMA levels, the buyers will have to face multiple resistance levels for breakout. Buyers are making continuous efforts to take charge of the trend.

The $0.15074 level functions as the main support point and has managed to resist recent market declines. The first level of resistance stands at $0.20848 before the price meets the 50-day EMA at $0.24417. The next resistance levels exist at $0.31695 and $0.49155.

Traders must exercise patience while waiting for definitive price movements outside the range to initiate their trades since avoiding FOMO helps reduce financial losses.

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