The ALGO price has increased by almost 17% this year. While its growth still lags other coins, ALGO could be gearing up for a massive bull run. Its 4-hour price chart shows that the EMA lines have just formed a “golden cross”.
Exponential moving averages (EMAs) are moving averages that give more weight and importance to the most recent data points. This makes them particularly sensitive to new market information.
A golden cross is a bullish signal seen on price charts, appearing when the short-term EMA crosses the long-term EMA. This event is seen as a positive sign, suggesting that the market may be moving from a downtrend to an uptrend. Moreover, it potentially indicates long-term growth.
If the uptrend continues, ALGO will likely test its previous resistance at $0.32. If it is broken, Algorand could continue higher to test the next resistance at $0.41 in April.
