ALGO jumps 5% as Robinhood listing fuels fresh Algorand price rally

The cryptocurrency market has been underperforming over the past few days, with Bitcoin and leading altcoins recording losses during that period.Bitcoin continues to consolidate around the $77,000 region, while Ethereum and XRP are trading below key levels.However, ALGO, Algorand’s native coin, is outperforming the broader cryptocurrency market after bouncing back from a key support level.The momentum indicators are turning bullish, while the growing retail demand could push ALGO’s price higher in the near term.Retail demand could push ALGO’s price higherALGO is up by 5% in the last 24 hours, making it one of the best performers among the top 100 cryptocurrencies by market cap.At press time, ALGO is trading at $0.1137. The positive performance comes amid growing retail interest.According to CoinGlass, Algorand’s futures Open Interest (OI) reads $48.34 million, up by nearly 6% over the last 24 hours. The OI has been on the rise since Friday, suggesting that new capital or fresh positions are being opened in the Algorand market.The OI-Weighted Funding Rate flipped positive on Tuesday and now stands at 0.0040%. This metric flipping positive indicates that the longs are paying the shorts, adding further confluence to the bullish narrative.Another major catalyst behind Algorand’s rally is the announcement that ALGO is now live on Robinhood users in the United States.Robinhood is a commission-free financial technology platform that allows retail investors to easily trade stocks, ETFs, options, and cryptocurrencies directly from a mobile app or web browser. https://twitter.com/AlgoFoundation/status/2056884518330445885 As one of the leading trading platforms in the United States, ALGO listing on Robinhood would give millions of retail traders access to the cryptocurrency. The listing opens ALGO to a massive new pool of retail liquidity.Algorand price outlook: Will bulls push above $0.122 resistance?The ALGO/USD 4-hour chart as Algorand is currently outperforming the broader cryptocurrency market. The coin has benefited from the Robinhood listing and could extend its rally in the near term. The momentum indicators are still neutral, suggesting there is further room for a rally.The RSI stands at 59, indicating that the bearish momentum is vanishing. ALGO would need to extend its rally for the RSI to enter the overbought territory.The MACD indicator also entered the positive region on Monday, indicating that the bulls are now in control of the market.If the bulls remain in control, they would encounter immediate resistance at the $0.122 level. A decisive candle close above this level would expose the recent 4-hour swing high of $0.1398.An extended rally above this resistance level would establish a strong bullish narrative and allow ALGO to aim towards the $0.15 psychological area.However, if the broader crypto market remains bearish, ALGO could undergo a correction, with the first major support level at $0.1089.A daily candle close below this level could see ALGO seek support at the 4-hour Transactional Liquidity (TLQ) zone at $0.1054.The post ALGO jumps 5% as Robinhood listing fuels fresh Algorand price rally appeared first on Invezz