ALGO has posted another major price upswing, outperforming all top 100 cryptocurrencies today (April 3).
Some market observers expect an additional increase in the short term, while certain indicators suggest the rally might be abruptly ended by a sharp pullback.
Algorand’s native cryptocurrency made the headlines earlier this week when its price surged by over 20% in a single day. This happened shortly after Google’s report, in which the company’s quantum computing team warned that future quantum computers might be able to crack the cryptography behind Bitcoin and other projects much more easily than previously believed.
The release specifically highlighted Algorand as a standout example of how post-quantum cryptography can already be implemented on a blockchain that would otherwise be vulnerable to such attacks. Google’s researchers also praised the network for integrating Falcon digital signatures for smart transactions and state proofs. It turned out that Algorand was the third-most covered crypto protocol in the report, trailing Bitcoin and Ethereum.
Several hours ago, the project’s CEO, Staci Warden, gave an interview to Bloomberg, reminding the audience that the US Securities and Exchange Commission (SEC) recently classified ALGO (among many other cryptocurrencies) as a digital commodity, not a security.
Her remarks could be among the main catalysts pushing the asset’s price up today. ALGO briefly exceeded $0.12, thus reaching its highest point since January. Currently, it trades just south of that mark, representing an 18% increase on a daily scale. Its market capitalization surpassed the $1 billion psychological threshold, making ALGO the 66th-largest cryptocurrency.
Many crypto commentators anticipate a further upside movement in the near future. X user John told their nearly 900,000 followers that ALGO is among the only two coins with “strong narratives right now,” with the other being Bittensor (TAO).
“Good time to pump both of them during this holiday weekend,” they added.
Shelby also gave their two cents, arguing that if support at around $0.10 holds, the price may soon soar above $0.20.
Over the past several days, exchange outflows have significantly outpaced inflows. This can be taken as a bullish sign, suggesting that investors are moving their holdings to self-custody, thereby reducing immediate selling pressure.
On the other hand, ALGO’s Relative Strength Index has risen above 70. This indicates that the price has increased too much in a short period of time, making the asset overbought and due for a potential correction. The index runs from 0 to 100, and conversely, anything below 30 is interpreted as a buying opportunity.
The post Algorand (ALGO) Jumps 18% Daily as Analysts Expect Further Gains Ahead appeared first on CryptoPotato.
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