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24 February 2024
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Algorand Market Update: ALGO/USD spikes following Coinbase listing and then drops down


  • Coinbase exchange has recently added support for Algorand (ALGO) digital asset. 
  • In 2019, the firm had listed ALGO on Coinbase Pro, the exchange’s trading platform.

Coinbase cryptocurrency exchange has recently added support for Algorand (ALGO). According to a recent statement, users can now trade ALGO on Coinbase.com and the exchange’s Apple and Android mobile app. In August 2019, Coinbase had listed ALGO on Coinbase Pro, the exchange’s trading platform. 

In less than 24 hours after the addition of ALGO, the asset price has surged by nearly 30% and pushed Algorand’s market capitalization to a new record high of $274 million. However, the bears soon took charge to correct the price. As per coinmarketcap, the market cap has dropped to $259 million. Let’s now look at the price action.

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ALGO/USD daily chart

ALGO/USD daily chart

Following the sudden spike in valuation, the bulls faced massive rejection at the $0.355 resistance line. Since then, the bears dominated for two days and dropped the price to $0.3358. Both the MACD and Elliott Oscillator show that the current market sentiment is still overwhelmingly bullish.
 

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