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Algorand (ALGO) Holds Above Key Support to Reach ATH $3.28 -Breaking

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The Algorand Group (ALGO) Remains Ahead of the Competition to Get ATH at $3.28
  • Algorand is an autonomous, decentralized and blockchain-based network.
  • Today’s gains have been erased by the Layer 1 token, which is highly-performing.
  • Algorand’s upside potential appears to be capped by the $1.9 resistance level.

For the price of recovering, decentralized crypto token Algorand must maintain above key support. The price of ALGO will fall if it touches the yellow zone.

Algorand, a blockchain-based, decentralized network, that allows for a variety of applications to run on it, is self-sustaining and self-sustaining. These systems are efficient, secure and scalable which is crucial for the success of applications in real life. Algorand is a new type of trust that supports computations that require reliable performance guarantees.

CoinMarketCap says that at press time, the ALGO Price is at $1.86, with a 24 hour trading volume at $265,521,075.

Source: TradingView

Algorand shows ambiguity when there is a crucial resistance level. Algorand’s upside potential appears to be capped by the $1.9 resistance level. ALGO’s uptrend can only resume if it is stopped at the $1.9 resistance level.

Algorand’s Make-or-Break Moment

Algorand is among the altcoins affected by volatility. Due to an abrupt spike in selling pressure, Layer 1, the highly-performing token, has lost all of today’s gains. Bybt data shows that over $36.8 million worth of long and short positions has been cleared in the last 4 hours.

ALGO plunged almost 7% in this time period. It fell from an intraday peak of $1.86 and a low of 1.81. Algorand is trading above steady support, despite price volatility over the past hours.

This cryptocurrency appears to be being supported by an important support barrier according to the 50-day moving mean. ALGO may continue doing this, and could surpass the $1.90 resistance barrier to reach $2.54. This optimism is a result of a triangle pattern that has been evident on Algorand’s daily chart since September 13, 2021.

A daily candlestick that closes below the 50-day average of $1.76 on a given day could cause further losses and invalidate the bullish thesis. Breaking this support level can cause long-term investors to abandon their positions. It will also increase Algorand’s selling pressure. These unique conditions could lead to ALGO plummeting to $1.24 (the 200-day moving mean).

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