Algorand Price Rises 8% Following Robinhood Listing for US Users

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 5 days ago

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Catalyst for Listing: On May 19, Robinhood announced that ALGO is now available for trading on its platform for US users, including New York, which opens up trading to millions of retail users and significantly enhances ALGO's liquidity, marking an increase in regulatory confidence.
Price Surge Analysis: The ALGO price broke out from a consolidation range of $0.108 to $0.115, currently sitting at $0.1158 with an 8% increase, and the rise in volume indicates genuine buying interest, although the RSI at 74.30 suggests a potential short-term pullback.
Market Sentiment Shift: The current net short position stands at -35.14M, indicating an overall short bias in the market, and the sudden price surge may have triggered a short squeeze, reflecting rapid changes in market sentiment.
Support and Resistance Analysis: ALGO's support is at $0.108, with psychological support at $0.10, while resistance is at $0.126; it is expected to trade between $0.11 and $0.126 in the short term, with the Robinhood listing providing support, but the high RSI may lead to a short-term pullback.

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Technical Analysis for ALGO

Technical Sentiment Analysis for Algorand (ALGO). As of , Algorand (ALGO) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 3 indicators are flashing buy, while 2 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ALGO stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, ALGO is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Algorand (ALGO) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.0899	0.0975	0.105	0.112	0.12	0.127	0.135
Fibonacci	0.0975	0.103	0.107	0.112	0.118	0.122	0.127

About ALGO

Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. These systems are secure, scalable and efficient, all critical properties for effective applications in the real world. Algorand will support computations that require reliable performance guarantees to create new forms of trust.The Algorand mainnet became live in June 2019, and was able to handle almost 1 million transactions per day as of December 2020. Algorand transaction metrics can be viewed here. Algorand initial coin offering (ICO) was held in June 2019, with the Algorand price of $0.24 per token.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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