fxstreet.com 11 Feb, 2021 07:00 am

ALGO makes a gigantic leap targeting $2.5

Algorand continues to outperform, especially after spiking above 2020's high at $0.75. Trading above this crucial level has catapulted the token above

In addition to that, the bullish narrative has been validated by the Moving Average Convergence Divergence (MACD).Note that the crossover of these two lines is a trading signal resembling that of the moving average system.The pattern occurs when a shorter-term moving average crosses above a longer-term moving average.For instance, the 100 Simple Moving Average has just crossed above the 200 SMA, cementing the bulls' presence in the market.

Moreover, when the MACD line (blue) crosses above the signal line, it is bullish.On the other hand, the trend tends to flip bearish when the MACD line crosses under the signal line.

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