Algorand Price Up 8.44% – Time to Buy ALGO Coin?

The crypto market is on a roll, and many alternative currencies (altcoins) are riding the current bullish wave. While initially led by Bitcoin in its ascent to $68,000, several altcoins are piquing late in the week. One of such is the popular Ethereum competitor Algorand.

Algorand has bested the market in the past day as large-cap assets like Bitcoin and Ethereum are experiencing downtrends. This rally has seen the market cap of the project swell as more investors look to buy ALGO.

Given this, we will explore the technical and fundamental performance of the asset and see if this rally is a clear signal to buy ALGO.

ALGO: Breaking Through The Bearish Ranks

Algorand is one of the small-cap projects that have continued to maintain relevance in the hotly contested decentralised finance (DeFi) and non-fungible token (NFT) ecosystems. Despite only boasting a 0.49% market dominance, Algorand is an exciting prospect for many.

Given its focus on eco-friendly, secure, and interoperable protocol, Algorand’s governance token has attracted ESG-minded investors who are now keen to explore the blockchain ecosystem.

For this reason, ALGO is seeing a promising rally and is up 8.44% in the past day and trades at $2.1422. Its weekly gains are also impressive, as ALGO is up 15.40% in the last seven days.
Such stellar performance has not gone unnoticed as its market cap has shot up by 10.91% to $13.76 billion.

ALGO’s recent rally is one of many so far this year. The project has made some strategic partnerships both with national governments and institutions interested in the benefits of tapping into blockchain tech.

For the time being, ALGO is still 39% below its all-time high (ATH) of $3.56 of 2019, but this current bullish wave could see it surpass this price action in the coming weeks.

Coupled with the broader enthusiasm currently enveloping the crypto market, this can be an ideal time to buy ALGO and rise with the market.

ALGO Technical And Fundamental Analysis

ALGO may be trading below its ATH of $3.56; but, today’s rally is the first since September 2. This data shows growing confidence in the protocol’s ability to deliver on its environmental and interoperable visions.

For this reason, ALGO is soaring above the 20-day moving average (MA) support price of $1.8961 while indicating a temporary bullish move.

The longer-term 200-day MA is even more bullish as it is trading above the indicator at $1.291, showing that investors are now keen to buy ALGO.

With such an impressive performance, ALGO carries this into the 14-day relative strength index (RSI), trading at the underbought region of 65.47.

The moving average convergence and divergence (MACD) point to this buy signal, which currently depicts the green trend rising above the sell signal.

Algorand’s potential to deliver is becoming apparent following a slew of fundamental indicators.

For one, Alabama-based investment firm Crimson Digital Capital recently announced the launch of its Algorand fund.

According to the investment house, the fund is expected to grant its customers access to the Algorand ecosystem projects.

Another major adoption is by Sequoia Games, which recently tapped the Algorand blockchain to launch its non-fungible token (NFT) facing NBA-licensed game Flex NBA.

In early November, Watr Foundation announced a key partnership with Algorand, which will see it launch the Watr Ecosystem, a KYC-AML layer-1 protocol that will bring DeFi to commodities.

With such keystroke partnerships, it may be a smart decision to buy ALGO now for a bargain.

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