Algorand (ALGO) bearish momentum may have been dominated by the bulls as the new month began. ALGO coin had been struggling to gain bullish momentum but right into June, it started gaining traction. At the time of writing, Algorand was trading hands $1.07 apiece. Both the price and the trading volume has been increasing for the cryptocurrency in the past twenty-four hours.
Algorand (ALGO) Technical Analysis
The market sentiment continues to be bearish as the uptrend of the ALGO coin is to yet be confirmed. Out of the total technical indicators, ten are suggesting a sell signal while both neutral and buy indications stand at eight each. The oscillators are bearish while the moving averages have yet to confirm either an uptrend or a downtrend.
Algorand broke out of a bearish formation after the market crash. The cryptocurrency has been projecting upwards while breaking resistance levels. The next resistance level lies at a price level of $1.19 followed by $1.23. As the ALGO coin appears to have some upward momentum, the resistance levels have been activated as potential price targets. If the cryptocurrency successfully breaks the price targets, the subsequent targets would lie at $1.43 followed by $1.46. Upcoming price action will prove to be crucial to confirm the trend of the cryptocurrency.
Algorand developments to watch out for
The Algorand blockchain has been in the news because of various developments going on in its ecosystem. The positive developments can result in a confirmed uptrend for the cryptocurrency. The crypto wallet Exodus had recently engaged in the largest “regulated crypto public offering” ever to be held – as dubbed by the firm. The firm sold $74 million common shares which are announced to be turned into tokens on the Algorand blockchain.
Furthermore, Algorand had also been added, along with others, by Revolut for trading on its application. Reach, a platform working towards the simplification of blockchain apps, has managed to raise $12 million in seed funding. Reach currently works with Algorand and Ethereum. The platform will be focusing its efforts on the two blockchains.