Algorand Price Up 8.94% – Time to Buy ALGO Coin?

The crypto market is slowly welcoming back the bulls, and one of the top-performers is Ethereum rival Algorand. The digital asset has continued to see strong bullish backing, and more investors are looking to buy ALGO.

With the decentralised finance (DeFi) race heating up daily, more investors are on the hunt for highly scalable, environmentally-friendly, and low-cost virtual assets to add to their investment portfolio.

ALGO: Making Steady Gains To Break Above The $2 Mark

The crypto market is slowly regaining most of its losses after faltering in the middle of November. Crypto bellwether kicked off the eleventh month on a high and surged to a new all-time high (ATH) of $69,044.77 while lifting the nascent industry to almost $3 trillion in overall valuation.

However, the premier digital asset could not retain this price action as BTC dipped below the $60,000 mark after facing a strong stand-off with the bears. The broader crypto market was also affected by the low tide as several crypto assets dipped alongside BTC.

The Algorand blockchain is taking an upbeat as the crypto market catches some tailwinds once more. ALGO is up 8.94% at press time and the virtual asset trades at $1.7935.

Following this daily rally, ALGO is seeing a modest weekly gain of 3.28%. However, its year-to-date (YTD) is much more significant at 435.64% and a more robust 12-month return on investment (ROI) standing at 446.06%.

ALGO’s rally has impacted favourably on its market cap, seeing the same requisite surge with over $11.25 billion in market valuation. The daily trading volume is also through the roof as over $390 million is currently being traded. ALGO’s market dominance is pegged at 0.44%.

Following several strategic partnerships, the Algorand blockchain has recently established itself as a worthy competitor to the Ethereum blockchain. This news makes today’s rally a good entry point to buy ALGO for a bargain and hold for the long term.

ALGO Technical And Fundamental Analysis

ALGO has seen a stop-gap price gain and has largely followed on the heels of BTC gains and losses. This rise has impacted the digital asset to rise and ebb with the crypto bellwether.

However, looking at the technical performance of Algorand shows a strong bullish breakout brewing. ALGO is trading critically close to the 20-day moving average (MA) support price of $1.8377.

With the current bullish wave enveloping the crypto market, this could see ALGO find support at $1.85 and see resistance at the $2 mark.

This data is reflected in the 200-day MA price of $1.3307, indicating that ALGO shows a strong bullish entrance in the long term. A 14-day relative strength index (RSI) figure of 50.10 points that Algorand is trading in the underbought while showing a likely ride to the overbought region.

The moving average convergence and divergence (MACD) reflect a slightly bearish disposition as the sell signal rises above the green trendline.

Algorand’s growing relevance is buoyed by a strong push into the DeFi ecosystem. In a recent tweet, the Ethereum killer announced the launch of Algo Options Vaults on ThetaNuts Finance.

The announcement stated that Algo Vaults would collaborate with ThetaNuts Finance to provide institutional-grade strategies to interested investors. This development will enable easy access to the crypto ecosystem for many.

Also, Algomint launched on the Algorand MainNet and is expected to enable interoperability among once siloed blockchain protocols.

According to the company, Algomint is set to enable BTC and ETH users to enjoy high speed, scalable, and cost-efficient transactions on the blockchain network.

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