Why is Algorand up by more than 10% today?
Algorand is one of the top performers amongst the leading 30 cryptocurrencies by market cap.
The cryptocurrency market has had an excellent start to the week so far. Over the last 24 hours, the total cryptocurrency market cap has increased by more than 3% and currently stands above $1.9 trillion.
Bitcoin, the world’s leading cryptocurrency by market cap, is currently up by nearly 4% so far today and trades above the $42k level again. Ether has crossed $3,000 after adding more than 3% to its value in the last 24 hours.
ALGO, the native token of the Algorand ecosystem, is one of the top performers in the market at the moment. ALGO is up by more than 10% so far today and currently trades at $0.8422.
The primary catalyst behind this ongoing rally is the news that the Algorand Foundation has partnered with Princeton Blockchain, a group of blockchain enthusiasts from Princeton University.
The Algorand Foundation says it is committed to supporting education and particularly student initiatives like the Princeton Blockchain Society. This is a move to help create a vibrant environment for the next generation of blockchain natives.
Key levels to watch
The ALGO/USD 4-hour chart is one of the most bullish amongst the top 30 cryptocurrencies by market cap. The technical indicators indicate that ALGO could rally higher soon.
The MACD line is above the neutral zone as Algorand is up by more than 20% over the last seven days. The 14-day RSI of 67 shows that ALGO could soon enter the overbought region if the rally continues.
If the bulls continue to be in control, ALGO could push past the first resistance level at $0.9957 over the next few hours. An extended rally would see ALGO trade above $1 for the first time since February.