Google Quantum paper Bring Attention to Algorand resulted in Price surge more than 20% on Wednesday

Algorand $ALGO become the top performer in top 100 crypto asset making a intraday surge of more than 20% on Wednesday.

This Bullish Cycle of ALGO started from last Sunday when ALGO found support near 0.079, and Now currently Trading near 0.108$. Almost 35% pumped in 3days mark highest price surge since last 8 weeks with the MarketCap of $936 million.

The Main Catalyst behind this surge was a paper release by Goggle that was referencing the Google Quantum Ai that focus on the thread major blockchain face by Quantum Computing. The ALGO was mentioned in the document almost 32 times, ranking Bitcoin and Ethereum or its proactive stance on post-quantum cryptography.

Algorand Technical Analysis and Price Prediction.

The Price of ALGO has move above 20, 50 and 100 EMA. On daily time frame ALGO has breakout from the descending channel indicating the short bullish momentum for now the targeted prices are 0.138 200 EMA.

However, if Algorand price falls below the 50-day SMA at $0.088, it would invalidate the current breakout and likely lead to a retest of the recent all-time lows.

The Relative Strength Index RSI is at 70 higher than the level of neutral indicating the bullish momentum. While Moving Average Convergence Divergence MACD is also made bullish crossover on Sunday.