The Algorand (ALGO) price has been in a consolidation mode in the past few days. The token is trading at $1.1470, which is 38% below its recent high of $1.8535. It is also about 35% above the February 23rd low of $0.8345.
The background: Algorand is a blockchain company that helps companies like Circle, IDEX, Tether, Voyager, and Monerium build decentralized projects. These clients use the Algorand Protocol, which is a proof-of-stake that ensures participation, protection, and speed.
Algorand has a native cryptocurrency known as Algo that helps to power transactions within its network. This is similar to how Binance has the Binance Coin and Crypto.com has its own Crypto.com coin.
The Algorand price has done in the past few months. Its price has risen by more than 800% since March last year. It has also risen by almost 200% this year alone. This performance has brought its total market cap to more than $2.45 billion, making it the 36th biggest cryptocurrency in the world.
The four-hour chart shows that the Algorand price has been in a tight range recently. However, a closer look shows that an ascending triangle pattern is emerging. The resistance of this triangle is at the $1.1886 level. The price is also being supported by the 25-day and 15-day exponential moving averages.
Therefore, in my view, there is a possibility that the ALGO price will bounce above $1.1886. If this happens, the next key resistance level to watch is 1.300, which is almost 10% above the current level.
