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Why is Algorand up more than 10% today?

 


Algorand is one of the top performers among the top 30 cryptocurrencies by market cap.

The cryptocurrency market has had an excellent start to the week so far. In the last 24 hours, the total cryptocurrency market cap has increased by more than 3% and is currently over $1.9 trillion.


Bitcoin, the world's leading cryptocurrency by market cap, is up nearly 4% year-to-date and is trading back above $42,000. Ether has surpassed USD 3,000 after adding more than 3% to its value in the last 24 hours.


ALGO, the native token of the Algorand ecosystem, is currently one of the top performers in the market. ALGO is up more than 10% so far today and it is currently trading at $0.8422.


The main catalyst behind this ongoing rally is news that the Algorand Foundation has partnered with Princeton Blockchain, a group of blockchain enthusiasts from Princeton University.


The Algorand Foundation says it is dedicated to supporting education and specifically student initiatives like the Princeton Blockchain Society. This is a step to help create a thriving environment for the next generation of blockchain natives.


Important levels at a glance

The ALGO/USD 4 hour chart is one of the most bullish among the top 30 cryptocurrencies by market cap. The technical indicators are suggesting that ALGO could soon move higher.




The MACD line is above the neutral zone as Algorand is up more than 20% over the past seven days. The 14-day RSI of 67 shows that ALGO could enter overbought territory soon if the rally continues.


If the bulls remain in control, ALGO could surpass the initial resistance level at $0.9957 in the next few hours. On an extended rally, ALGO would trade above $1 for the first time since February.

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