As the tradition goes, the cryptocurrency industry started Saturday on a usual note, experiencing a downtrend. For days, the cryptocurrency industry has been nothing more than tragic for investors.
Algorand Performed Well
Fortunately, the situation was not the same for the Algorand (ALGO) investors. The ALGO community was in for a huge surprise as they would wake up on Saturday morning to see it was moving higher.
Surprisingly for the majority of the ALGO community, the trading price of the asset experienced a boost on that particular day. The value of the particular asset experienced a great surge, pushing its value higher.
Algorand has managed to evade the overall market downtrend and has moved in the opposite direction. The data shows that the trading price of Algorand experienced an almost 10% surge in the past 24 hours.
Following the surge, the trading value of ALGO moved from a lower figure to a higher one. A look at the data shows that ALGO’s trading price was at a low of $0.277 before the rally took place on Friday.
As the 10% spike was recorded in the trading price of ALGO, its value shot up to a high of $0.3102. The investors saw the price of ALGO rise to a high price at the start of the trading day (Saturday).
With the help of the 10% rally, the price of ALGO was able to hit a higher figure, pushing its price to a one-week high.
ALGO has overcome a Resistance Level
As more investors saw the trading price of ALGO moving higher, they jumped in to gain from the opportunity. They contributed with their strong accumulation sentiments.
This helped push the trading price of ALGO beyond the resistance level. As the rally took place, the first resistance level for the investors was $0.30.
As they continued buying ALGO with strong sentiments, the trading price of ALGO was pushed over the resistance level before consolidating at $0.3102.
ALGO is Not Overbought
For now, Algorand has strong backing from its investors. They are not ready to leave the bullish trend and are ready to invest more money into ALGO.
Even the RSI for ALGO is in an ideal location for now. Currently, it is hovering at 45.20 and it is moving higher. The resistance level for the RSI is expected at 49.20.
This means that ALGO has the great opportunity of riding without worrying about the ‘overbought’ factor. With the price of ALGO growing stronger, more investors would continue investing in it.
If the RSI hits and crosses the 49.20 resistance level, then ALGO’s trading price would continue surging. It is possible that the rally may extend for a longer period, helping its price surge to a high of $0.3641.
Ezra Kloostra 
