Algorand Rising On Bullish Prospects ALGO: Price: $0.28 | MCAP: $128 million | 24-Hr Volume: $149 million
Short-term trend: Bullish An announcement from Algorand regarding a protocol upgrade may be driving bullish speculation, with its price having risen 23.1 percent over a 24-hour period after reaching a temporary bottom of $0.18 witnessed Nov. 25.
Granted, the announcement coincides with a 31 percent sell-off on Nov. 21 with a "sell-the-news" effect rocking prices over that period, sentiment now appears to be shifting from bearish to bullish in the short-term.
The daily RSI is above the neutral 50 level, an indication of bullish price action, combined with a higher low forming on the daily chart, which could lead to a continuation to $0.31 (prior highs). Long-term trend: Cautiously bullish
Prices have stopped just short of prior Sept. 12-21 supports, now considered resistance and could be providing a temporary barrier for further gains.
However, given its placement above the 50-day moving average, a continuation in its bullish market structure should not be ruled out.
The awesome oscillator (AO), an indicator of trader momentum, is moving above the neutral 0 level, which if crossed above, would provide confirmation of a greater trend change, from bearish-to-bullish.
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