Algorand (ALGO) is a well-known cryptocurrency in the digital currency market. Recently, the asset has seen a positive surge in its price, with buyers pushing the price up by more than 6% in the last few days. The market sentiment is currently bullish, with the Fear & Greed Index indicating a neutral state as it stands at 45. The 24-hour trading volume for ALGO has surged by 15%, amounting to $33 million while its market cap has grown by 1.57%.

At the time of writing, the ALGO token is trading at $0.1683 as buyers have managed to gain 2.50%. Increased demand for the asset has caused the market cap to be above $1 billion, but its price is still below the 200-Day and 50-Day Simple Moving Averages (SMA). This suggests that ALGO is still in a bearish period, with the selling momentum stronger than the buying momentum.

Traders are keeping an eye on which direction the price will take in the current trend, as the Relative Strength Index oscillator stands at 40.18 and the MACD is currently above the signal line. This indicates that a potential uptrend might occur if the bulls increase their momentum. The primary support and resistance levels have been marked at $0.1587 and $0.1853. The next key zones for the asset are the support level at $0.0992 and the resistance level at $0.2427.

As the market is recovering, ALGO introduced a new plugin-based tool, Conduit, which is an upgrade to the conventional Indexer. Conduit aims to enhance Blockchain Data Access by providing precise and tailored data retrieval capabilities while also maintaining cost-effective options. Such improvements on the network have the ability to increase adoption and utility for ALGO, eventually fuelling its price.



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