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’s DMI Indicates a Strong Uptrend

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’s CMF Reaches Highest Levels Since November 2024

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

The CMF measures the flow of money into and out of an asset over time, with values above 0 indicating net inflows (buying pressure) and values below 0 suggesting net outflows (selling pressure).

At 0.28, Algorand CMF indicates strong buyer dominance, which could support continued upward price movement if sustained. However, if the CMF begins to decline, it could signal weakening demand and potential consolidation.

ALGO Price Prediction: A Further 28% Upside?

Algorand EMA lines show that a golden cross formed yesterday, signaling the potential for sustained bullish momentum. If the current uptrend continues, ALGO price could test the resistance at $0.529, and breaking that level might propel it to $0.613, representing a potential 28.2% upside from current levels.

ALGO Price Analysis. Source: TradingView

On the downside, if the trend reverses, ALGO price could test the support at $0.43. A break below this level might lead to further declines, with $0.39 as the next key support. In a strong downtrend, Algorand price could drop as low as $0.28, erasing recent gains.