Algorand (ALGO) has been riding a wave of bullish momentum in the recent days and some investors speculate that this trend is likely to persist in the near future. The coin is trading at $0.2278 with a gain of 0.40% during the last intraday trading session, while the pair of ALGO/BTC is trading at 0.000007496 BTC with an incline of 1.37% over the same period. Volume of the ALGO has gone up by 10.51% in the last 24 hours, which indicates that the seller's pressure over the coin is decreasing, as the bears are losing their grip.

Technical indicators for ALGO reveal positive signals which may indicate further rise of the price. For instance, the Relative Strength Index of the coin is at 55.27, and is currently in the oversold zone. In addition, a positive crossover was noted from the intersection of the MACD and MACD signal. Also, the price of the coin is currently above 20 and 50 days of its Exponential Moving Average and lags behind the 100 and 200 days of the Daily Moving Average.

Looking at the current market conditions, the coin could potentially reach the primary resistance of $0.236, as well as the secondary resistance of $0.290 in the near future. However, the sellers may attempt to push the price lower, in which case the ALGO can go down to the primary support of $0.188, as well as a secondary support of $0.163. Investors should keep an eye on the chart movements and watch for any major directional changes.

In conclusion, ALGO has recently been experiencing a bullish trend with potential to increase in price towards the primary and secondary resistance levels. The seen increase in volume, as well as the positive technical indicators, such as the MACD and RSI may support the bull's surge in the near future. Nevertheless, investors should always have in mind that trading cryptocurrencies carries a risk of monetary losses and consider their options carefully before making an investment decision.



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