In the last 7 days, Algorand has gave more than 57% before he reached a daily high point of $ 0.29 on Monday, the highest level since March 4.
According to data from crypto.news, the price of Algorand (Algo) reached a highest point of 5 months of $ 0.289 on July 14. On the staff of the staff it was slightly lower at $ 0.27, with still the profit of 80% of his year-to-date layer observed earlier in April.
After data from third parties, Algorand collected that the network of Algorand got a grip from users. According to Nansen, the number of transactions on Algorand has risen by 30% in the last seven days to 5.8 million.
Similarly, the Stablecoin supply on the network also saw a strong increase, jump With 94.23% to $ 134 million, of which 98.3% was in USD Munt (USDC), which indicates an increased capital flow and usefulness in its ecosystem.
The market for Real-World assets-tokenization on the Algorand network has also received a grip in recent months. Much of this growth is concentrated on elevated, a tokenized real estate market that has now surpassed $ 89 million in TVL.
With Momentumgebouw, an analyst states that the upward trend of AGO has more room to walk, with another 55% on the table.
In a July 15 X afterCrypto analyst Ali Martinez noted that Algo seems to act within a parallel channel of several months. A decisive outbreak of this formation could mark the start of a larger Bullish Golf, which may clear the road for further price rating in the coming weeks.
According to Martinez, an outbreak of the pattern will be confirmed if the Algo price the Breakout zone about $ 0.258 Hertet. The analyst has set increased price goals to $ 0.42, which is 55% above the current price level at the time of writing.
From a technical perspective, Algo also has formed a bullish pattern with double bottom on the daily graph, with a confirmed outbreak above the neckline at $ 0.2604. The price is also decisive above the exponential advanced averages of 50 days and 100 days, so that the trend removal is further confirmed.
At the same time, momentum indicators such as the relative strength index and the MACD all became upstairs at the time of the press.
If Algo breaks the immediate resistance to $ 0.32, the following target is at the 61.8% Fibonacci retracement level of $ 0.3642.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
