Foreign media reports that Algorand's token ALGO surged after Robinhood Crypto opened trading in the US market, with a 24-hour increase of nearly 7%. This rally continues the rebound momentum following the breakout from the range in April, but from a longer-term perspective, the price has not yet confirmed the start of a new upward trend.
Robinhood news drives up prices
The report noted that market sentiment quickly heated up after ALGO was listed on Robinhood Crypto in the United States. Driven by this, the token rose 6.8% in a single day.
Prior to this, ALGO had already experienced a rapid surge in April. At that time, a Google white paper listed Algorand as one of the case studies for post-quantum computing scenarios, and related discussions once attracted market attention.
After breaking through in April, it retraced to $0.10.
ALGO subsequently rose from $0.079 to $0.127 in 6 days, an increase of nearly 60%. After the surge, the price fell back and retraced to the upper limit of the previous range, around $0.10.
The article argues that this area subsequently became support, and prices rebounded again in May. However, within the broader market context, altcoins generally underperformed Bitcoin.
- The total market capitalization of altcoins has increased by approximately 16.7% from its February low.
- Bitcoin rose approximately 28.9% during the same period.
- Bitcoin's dominance is rising, while altcoins are relatively weak.
The weekly chart has not yet confirmed a reversal.
Foreign media believe that the daily chart shows ALGO maintaining a short-term bullish structure, but the weekly chart gives a more cautious signal. Looking at the weekly chart, ALGO is currently still within a long-term downtrend.
The article states that ALGO needs to break through $0.1456 to confirm a structural improvement on a higher timeframe. Until then, this rally is more likely a continuation of the rebound than a reversal of the long-term trend.
- $0.105 is a key short-term support level.
- The area around $0.121 represents local resistance.
- The area around $0.133 also warrants attention.
