According to U.Today, Algorand (ALGO), a prominent smart contract platform, has witnessed a remarkable 27% increase in its price over the past 24 hours. This surge follows a consistent upward trend from the previous day, with the cryptocurrency reaching a peak of $0.38 during today's trading session. Over the past week, Algorand has seen a substantial 64% rise, largely driven by the emergence of a technical pattern known as the 'golden cross.'
The golden cross occurs when a short-term moving average surpasses a long-term moving average, typically when the 50-day moving average crosses above the 200-day moving average. This pattern is often interpreted as a bullish signal, suggesting that the asset may be entering a phase of sustained growth. For Algorand, this technical development has sparked a wave of buying activity, significantly boosting its price and drawing considerable attention from the market. The cryptocurrency's trading volume has also surged, reaching $1.01 billion, which marks a 284% increase in the last 24 hours, according to CoinMarketCap.
Algorand is currently on its longest winning streak since January 2021, having rallied for four consecutive weeks starting from November 5. This rally has been fueled by both technical factors and positive market sentiment, with the golden cross serving as a catalyst for the growing optimism surrounding the project. Earlier this week, the emergence of the golden cross propelled ALGO's price to a high of $0.329 on November 24, followed by a brief period of profit-taking. The price dipped for two consecutive days, reaching a low of $0.25 on November 26, before resuming its upward trajectory.
The recent rally has resulted in three out of four days closing in the green, culminating in today's trading session with highs not seen since November 2022. Looking ahead, Algorand may set its sights on reaching $0.50 and $0.60, with the potential to target $0.75 if the upward momentum continues. The cryptocurrency's recent performance highlights the impact of technical indicators and market sentiment in driving price movements, as investors remain optimistic about Algorand's future prospects.
