Smart contract platform Algorand (ALGO) is currently up 27% over the last 24 hours. Algorand continued its surge from yesterday, achieving highs of $0.38 in today's trading session.
Algorand is up 64% in the last week, with its gains fueled by the emergence of a technical pattern termed a "golden cross."
The golden cross is formed when a short-term moving average crosses above a long-term moving average, typically the 50-day moving average crossing over the 200-day moving average. This is often seen as a bullish indication, indicating that the asset may be entering a period of sustained growth.
For Algorand, this technical pattern has prompted a wave of buying activity, boosting its price higher and attracting market attention. Algorand has surged more than 27% in the previous 24 hours, supported by a significant increase in trading volume.
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According to CoinMarketCap, Algorand's trading volume reached $1.01 billion, reflecting a 284% increase in the last 24 hours.
Algorand on track for longest winning streak since 2021
Algorand has rallied for the fourth week in a row, beginning on Nov. 5. This is its longest win streak since January 2021. The cryptocurrency has benefited from both technical factors and positive market sentiment, with the golden cross acting as the catalyst for an already growing sense of optimism surrounding the project.
The emergence of a golden cross at the start of this week has boosted ALGO's price, causing it to reach highs of $0.329 on Nov. 24, which were followed by profit-taking. ALGO's price fell for two days in a row, reaching a low of $0.25 on Nov. 26 before rising.
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This rally has marked three days out of four in green, culminating in today's trading session at highs of $0.38, a level not seen since November 2022.
As for what's next for Algorand, ALGO might eye $0.50 and $0.60, and in the event of a further price rise, Algorand might target $0.75 next.
