ALGO Pumps 6%, However Meme Kombat's Nearly $900K Presale Underscores Its 100X Potential

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The Algorand worth has rallied 6% during the last 24 hours to commerce at $0.1079 as of 5 a.m. EST and ALGO can also be up 14% during the last seven days.

The proof-of-stake Layer 1 token stays bearish on the longer timeframes because it trades 39% decrease than its worth during the last six months and 40% decrease than its January 1 opening. Algorand has, nonetheless, displayed a exceptional restoration over the ten days, rising as a lot as 25% from $0.0872 to Monday’s intra-day excessive at $0.01083.

Information from CoinMarketCap exhibits that its buying and selling quantity has elevated by over 70% during the last 24 hours to $42 million, making ALGO one of many prime 100 most traded cryptos available in the market in the present day. With a market capitalization of $856 million, Algorand is ranked #50 on CoinMarketCap.

The technical setup exhibits that Algorand is primed for an enormous transfer upward. This was strengthened by insights from Tom Crown, founder and CEO @CrownAnalysis, who posted the next chart on X saying Algorand was buying and selling close to a key resistance degree and that breaking it “may grow to be a bullish chart shortly.”

$ALGO At Crucial Resistance Stage.. Break it and this might grow to be a bullish chart shortly 👀 pic.twitter.com/29GgYRW4mV

— Tom Crown (@TomCrownCrypto) October 29, 2023

Algorand Value Must Flip $0.11 – $0.12 Zone Again to Help

After turning away from the $0.106 degree, the ALGO worth dropped sharply, dropping greater than 18% of its worth to set a swing low at $0.087. This was instantly adopted by a fast restoration that noticed the Algorand worth rise 25% to the present degree.

This worth motion led to the looks of a V-shaped restoration chart sample on the every day chart (see under). This chart formation was confirmed earlier in the present day throughout the Asian buying and selling hours when the bulls pushed ALGO above the governing chart’s neckline at $0.106.

A every day candlestick shut above this degree will see ALGO rise to confront help from the provider zone stretching from $0.11 to $0.12. The bulls had been required to push the Algorand worth above this hurdle to safe the uptrend.

Be aware that the final time the worth was rejected from this degree it tanked greater than 31% earlier than discovering help from the $0.080 zone.

To keep away from the same state of affairs, ALGO should produce a decisive every day candlestick shut above $0.12. If this occurs the worth will rise to gather the supply-side liquidity above the stated degree, first revisiting the $0.125 earlier than reaching the goal of the governing chart sample at $0.126. This could symbolize a 16% uptick from the present ranges.

ALGO/USD Each day Chart

Algorand Price Chart - Oct 30 — TradingView Chart: ALGO/USD

This constructive outlook was supported by the upward-facing transferring averages, suggesting that there have been extra patrons than sellers available in the market.

Algorand’s constructive outlook was additionally supported by the upward motion of the Relative Power Index (RSI). The worth power at 68 additionally strengthened the tight grip the patrons had on the worth. Be aware that ALGO’s upward trajectory will acquire momentum as soon as the RSI crosses the 70 line into the overbought area.

Issues may, nonetheless, go awry for the bulls if the ALGO worth turns down from the present ranges because the overhead from the aforementioned resistance zone intensifies. In such a case, Algorand could drop first towards the 100-day Exponential Shifting Common (EMA) at $0.105 and later to the 50-day EMA mendacity at $0.096.

Dropping this foothold may see the Algorand worth drop towards the psychological degree at $0.095 earlier than revisiting the $0.087 swing low.

Whilst Algorand’s future stays unsure, given the extremely risky nature of crypto costs, new cryptocurrencies in presale like Meme Kombat supply low-risk funding alternatives. Buyers may look into such cryptos and get an opportunity to make 10X to 100X returns on their funding.

ALGO Options

Meme Kombat (MK) is a brand new meme coin presenting an intersection between gaming (GameFi) and playing (GambleFi) within the cryptocurrency trade.

By liberating up staked tokens to be used as playing chips, Meme Kombat permits community members to earn from staking in addition to the chance to win huge within the battle area.

It’s this two-fold providing that makes Meme Kombat such a profitable and engaging proposition for early buyers.

Priced at $0.1667, Meme Kombat token might be bought in the present day with ETH, BNB or USDT (ERC-20 and BEP-20 variations). The workforce behind the MK token has already raised greater than $800,000 within the ongoing presale and it shortly edges towards the $1 million goal.

One doesn’t merely…

However we did it. We handed $800k in presale fighters🤜 🤛 pic.twitter.com/dVT8fUYI0p

— Meme Kombat (@Meme_Kombat) October 28, 2023

As talked about, playing is a booming trade. Information compiled by Statista exhibits that the net playing trade’s market dimension is $95 billion for 2023.

Crypto is on the forefront of the playing progress story due to the best way wherein the distinctive properties of blockchain expertise are so properly suited to merchandise like playing that depend upon verifiable randomness, belief and transparency.

Merge the playing with gaming and meme cash and you’ve got the recipe for achievement that may ship Meme Kombat means past a $1 billion valuation, leaving some main meme cash similar to Dogecoin and Shiba Inu languishing within the mud.