Algorand ALGO Shows Bullish Momentum, Eyes $0.3116 Target as Daily Chart Signals Upside

Algorand (ALGO) extends its bullish momentum with a 4.93% gain over the last 24 hours, fueled by increasing trader participation. Weekly performance impresses at 21%, as the market cap climbs to $1.24 billion—a 4.94% increase—on $63.49 million in daily volume.

Technicals point to a short-term recovery, with the price hovering NEAR $0.142 after finding a base in the $0.11–$0.12 range. The token is now challenging key Exponential Moving Averages (EMAs), though the 100 EMA ($0.154) and 200 EMA ($0.18) present overhead resistance. The RSI reading of 67 signals aggressive accumulation but also suggests potential overbought conditions that could trigger pullbacks.

Analyst @LordOfAlts notes that consolidation phases often precede significant breakouts. While recent strength is notable, the broader market structure remains in a bearish trend, leaving traders to assess whether this rally can sustain above critical moving averages and build toward the $0.3116 target.