From beincrypto By Tiago Amaral
Algorand (ALGO) price has surged 20% in the last 24 hours, bringing its market cap back to $4 billion. Over the past seven days, ALGO has gained 38%.
Key indicators such as the DMI and CMF show increasing trend strength and buyer dominance, reinforcing optimism around the ongoing uptrend. With a golden cross recently forming on its EMA lines, ALGO could target significant resistance levels, potentially unlocking further upside if bullish momentum persists.
Algorand DMI chart shows its ADX at 33.1, up sharply from 15.2 two days ago. This indicates a strong and quickly strengthening uptrend.
The +DI has risen to 38.3 from 17.5, showing increased bullish momentum, while the -DI has fallen to 11 from 19.9, reflecting reduced bearish pressure. These movements suggest that buyers are gaining control as ALGO uptrend solidifies.
ALGO DMI. Source: TradingView
The ADX measures trend strength, with values above 25 signaling a strong trend. With the +DI significantly higher than the -DI, Algorand price appears poised to continue its upward movement.
However, any stalling in the ADX or a reversal in the +DI could signal weakening momentum, potentially leading to a consolidation phase.
ALGO Chaikin Money Flow (CMF) is currently at 0.28, up significantly from -0.23 two days ago. This marks the highest CMF level for ALGO since November 29, reflecting a strong shift in market sentiment toward accumulation and buying pressure.
ALGO CMF. Source: TradingView