ALGO/USD gained more than 15% in a week. At the time of publication, ALGO was changing hands at $0.2857. The pair have also risen in value over the last 24 hours and reached a high of $0.2988 with a more bullish impulse. Algorand Foundation, the organization focused on growing the ecosystem for the world’s most advanced, secure and reliable layer-1 blockchain, announced broad-reaching partnerships in India. With India set to surpass China as the world’s most populous country this year, the Foundation is committed to supporting the creation of employment opportunities and solutions that serve India’s vibrant population. Algorand is the first layer-1 blockchain protocol to partner with T-Hub, India’s premier innovation hub with 600+ corporate partners, including Intel, AWS, Boeing, Meta, Microsoft and Cisco, among others. This partnership will support startups and established companies building high-impact, scalable blockchain-based solutions.
Key Levels
Resistance Levels: $0.4552, $0.3500, $0.3000
Support Levels: $0.2500, $0.2000, $0.1607
ALGO/USD Daily ChartAlgorand (ALGO) reached a high of $0.2988 with a bullish impulse to keep going. Bulls must push the price of ALGO above the $0.4452 resistance level of November 5, 2022. The first significant resistance level above this level is $0.3500. If this hurdle is overcome, the ALGO/USD pair might accelerate and rise to $0.4000. The RSI is near the overbought zone, suggesting the bulls are in control.
If the bulls are unable to push the price over the $0.3000 barrier, ALGO might return to support below $0.2500. If the price of ALGO falls below the $0.2200 daily moving average (MA 50) area, the optimistic forecast will be invalidated. In this circumstance, ALGO might be compelled to seek the next buyer congestion zone, which is located around $0.1607 beneath the daily MA 50.
ALGO/USD 4-Hour ChartAt $0.2500, ALGO crossed the threshold, allowing its upward trend to continue. The token struck resistance near $0.3000 and fell to lows of $0.2749 before the bulls intervened. Bulls are still focused beyond $0.4000, but they must first overcome the resistance level of $0.3000 before moving on to $0.4452.
On the other hand, unless there is a significant sell-off, ALGO/USD ought to hold above $0.2500. The next support in this scenario is the MA 200 ($0.2375). Support at $0.2625, which also happens to be the MA 200, might fend off selling pressure. Only when ALGO trades over $0.3000, with $0.4000 serving as firm resistance, is it considered to be in the green.
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