- ALGO could surge by 30% to reach $0.42 if it closes a daily candle above $0.32.
- Following the bullish outlook, traders have increased their positions by 7.5% in the past 24 hours.
As a seasoned researcher who has weathered countless market cycles, I must say that Algorand’s [ALGO] performance is nothing short of intriguing. Despite the broader market correction phase, ALGO seems to be defying gravity, attracting the attention of whales and investors alike.
In the midst of a period of price adjustments, Algorand (ALGO) is creating quite a stir in the market due to its strong price increase. At this moment, ALGO stands out as one of the top three coins experiencing substantial growth, generating considerable interest among large investors (whales) and individual investors alike.
Algorand defies market trend
In just the last day, this cryptocurrency has seen a notable increase of more than 12% in value, placing it around $0.298 at the moment. Additionally, its trading activity has significantly risen by approximately 75%, suggesting a higher level of engagement from both traders and investors.
According to data from Coinglass, a company specializing in blockchain analysis, it appears that the trading activity surrounding the altcoin has seen a substantial rise, suggesting active involvement by traders.
Based on recent figures, it appears that traders have boosted their holdings by approximately 7.5% over the last day, and they’ve also raised their positions by around 4.2% within the past hour.
Beyond the rise in OI, it’s clear that traders are actively engaging with Algo on Coinglass due to the significant inflow/outflow data. Furthermore, a steady trend of whales and investors amassing the token can be observed since November 23, 2024.
The significant enthusiasm shown by traders and investors has enabled Algo to withstand the market’s corrective phase.
Algorand technical analysis and upcoming level
As per professional evaluation, the digital currency ALGO is presently holding steady within a narrow band close to robust resistance points at around $0.25 and $0.30. Over its daily chart, it appears that the coin has been confined to this band for approximately four consecutive days.
At present, the outlook on ALGO seems optimistic, fueled by significant investor and trader attention, potentially allowing the cryptocurrency to surpass its current resistance point.
According to past trends in ALGO’s pricing, if it manages to exceed the current level of $0.32 and finish the day’s trading at this new high, there’s a good chance it could experience a rise of approximately 40%, potentially reaching around $0.45 in the near future.
Looking at the bright side, the altcoin is currently trading above its 200-day Exponential Moving Average (EMA), implying an upward trend. Nevertheless, its Relative Strength Index (RSI) points to a potential price adjustment since it’s now in the overbought area.
By blending these blockchain measurements with traditional chart analysis, it appears that buyers have a firm control over the asset and may soon conquer this substantial barrier of resistance.
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2024-11-28 06:15