Algorand (ALGO) is currently outperforming the broader cryptocurrency market after rallying by more than 11% over the past 24 hours.
ALGO Rallies by 12% in 24 Hours
While the broader cryptocurrency market is correcting, Algorand (ALGO) is currently rallying. The native coin of the Algorand blockchain is up by more than 11% over the past 24 hours and is trading above the $2 mark.
Algorand is a scalable, secure and decentralized digital currency and transactions platform. ALGO’s recent rally was fueled by its partnership with Watr Foundation, a new Swiss-registered foundation.
Watr intends to use its protocol to digitize supply chains, boost transparency around sustainability and encourage and support the development of new business models and dApps that achieve this. Algorand’s partnership with Watr has led the ALGO coin to experience a massive rally over the past few days.
Watr has already recorded some leading investors, especially those concerned with climate change and using technology to make things better.
ALGO Sets Sight on $2.5
The ALGO/USD 4-hour chart is currently bullish as the cryptocurrency continues to outperform the broader market. Its RSI of 63 shows it is close to the overbought region, while the MACD line shows that the coin is currently bullish.
At press time, ALGO is trading at $2.25 per coin, up by nearly 12% over the past 24 hours. If the rally continues, then ALGO could surpass the $2.5 level over the coming hours. ALGO is up by 557% since the start of the year. However, it is still down by 36% from the all-time high of $3.56 it achieved two years ago.
ALGO will need the support of the broader cryptocurrency market over the coming weeks and months if it intends to make a move towards its all-time high. Breaking past the $2.5 resistance level is crucial for ALGO to consider a move towards the $3 mark over the next few days.