Algorand’s native token (ALGO) jumped over 5 percent in the last 24 hours, pushing its price to $0.1137 as of 04:03 UTC after the Algorand Foundation announced the token is now available to Robinhood users in the United States.
"The news is out! ALGO is now live on Robinhood for users in the US," the Algorand Foundation announced in a post on X, confirming the token's debut on the popular commission-free trading platform known for its large retail investor base.
The price move was supported by fresh capital entering the market, with futures open interest in ALGO climbing nearly 6 percent to $48.34 million, according to data from CoinGlass. The OI-Weighted Funding Rate also turned positive, indicating that traders are taking more long positions and are willing to pay shorts, a bullish signal.
The listing on a major US retail platform is a significant event, potentially unlocking a new wave of liquidity and demand for the token. The immediate challenge for ALGO will be to break the immediate resistance at the $0.122 level, which could open a path toward its recent swing high of $0.1398.
The impact of a major US exchange listing on an altcoin's price has been demonstrated recently. Ronin (RON), a gaming-focused token, surged 35.8% after being listed on Coinbase. The combination of increased visibility and direct access for a large pool of traders can create a significant supply and demand imbalance, leading to sharp price increases. By listing on Robinhood, Algorand gains exposure to a similar dynamic, tapping into a user base that is highly active in stock and crypto trading.
ALGO's rally comes as the broader cryptocurrency market shows signs of weakness. Bitcoin, the market leader, continues to consolidate around the $77,000 mark, while other major altcoins like Ethereum (ETH) and XRP are trading below key technical levels. This divergence suggests that ALGO's current momentum is primarily driven by the listing-specific news rather than a market-wide trend.
Should the bullish momentum continue, traders will be watching the $0.122 resistance closely. However, if the broader market weakness exerts pressure, ALGO could see a correction. The first line of support is seen at $0.1089, with a more significant transactional liquidity zone at $0.1054, according to 4-hour chart analysis.
This article is for informational purposes only and does not constitute investment advice.
