Algorand community buzzes with excitement following its recent performance. It had one of its biggest surges and climbed to its highest valuation this year.
The altcoin started Friday at $0.32, surging after a brief decline. It broke above $0.35 and continued, flipping $0.40 and peaking at $0.41. Currently up by over 26%, it may close the day as the top gainer in the top 100.
Thursday’s surge was a build-up to the most recent surge the asset sees. It opened trading at $0.29 and recovered from a dip before surging. The asset retested the $0.32 resistance, breaking above and sustaining momentum until it closed at the mark with gains of almost 10%.
What Drives Algorand?
At the time of writing, the coin has seen a sudden spike in investors’ interest. Following the renewed interest, trading volume increased by 435% over the last 24 hours. Other sources attest to the rise, citing further increases in open interest.
The coin’s proponents took to social media to express their excitement but added that more is to come. One such is Eldar on X. He asserted that the market is finally waking up to the cryptocurrency’s potential.
The user claimed, “From #Algorand having the best tokenomics to having the largest and most versatile real-world-adoption, to having the best team, to having best tech that is fit-for-purpose.”
Statements like the one above show growing optimism in the asset. Others call for a return to $1 following the most recent milestone. They speculate the surge to this level will happen this December.
ALGO is Overbought
The relative strength index is at 84 at the time of writing. The asset is overbought but has maintained this status for most of November. It remains to be seen if the trend will change. It also broke out from the Bollinger band, hinting at further declines.
The moving average convergence divergence continues its uptrend, hinting at further price increases. Nonetheless, the 50-day and 200-day moving averages showed the coin had a golden cross a few days ago. The latest increase is in response to the newest event.
Other altcoins are also on the uptrend.
Hedera Gains 16%
HBAR may close the intraday session as the second top gainer. At the time of writing, it was seeing massive increases and had attained another milestone.
The altcoin started trading at $0.144 and shot up as buying volume spiked. It broke above $0.150, flipping $0 .17, but faced strong rejections as it edged closer to the $0.18 barrier. It retraced at $0.175 as it lost momentum. Nonetheless, its most recent valuation places it closer to its April high.
This is not the first time Hedera has faced massive resistance at the highlighted level. It surged from $0.147, broke above $0.16, and faced strong resistance after it broke above $0.17 on Saturday. The same trend repeated the next day. However, it retraced lower after the failed attempt.
Currently up by over 17%, the bulls will look to continue the uptrend. The chart hints at a chance of this happening.
HBAR had a Golden Cross
The indicators on the one-day chart are bullish at the time of writing. The Bollinger bands show room for more uptick, suggesting the asset may break above $0.18 in the coming days. MACD prints a similar signal as both the 12-day EMA and 26-day EMA continue their uptrend.
Nonetheless, the biggest green signal is the moving averages. A closer look at the chart shows that the 50-day MA intercepted the 200-day MA from below, indicating a golden cross. Investors traditionally view this phenomenon as a very bullish event, resulting in massive increases for the asset.
