Algorand price surges on Robinhood listing but technical analysis warns of potential relief rally

Algorand's price has been on the rise since its announcement as a tradable asset on Robinhood, with a 6.8% surge in 24 hours. This news comes after a range breakout in April, which saw Algorand rally 59.95% in six days.

The altcoin's technical analysis presents a mixed picture, however. While the 1-day chart shows a clear bullish trend, the 1-week chart suggests that Algorand is still operating within a long-term downtrend.

Traders are advised to be cautious and use this bounce as an opportunity to take profits. A move beyond $0.1456 is needed to establish a higher timeframe uptrend, and until then, the bullish 1-day structure of Algorand can be seen as part of a relief rally.