ALGO Traders Display Confidence: Anticipated 30% Growth to $0.42
During a phase of price adjustments, Algorand [ALGO] is causing a stir in the market with a remarkable price upswing. Presently, ALGO stands out as the third most significant gainer, capturing substantial interest from big investors and traders.
Algorand Bucks Market Trends
Experiencing a notable price spike of more than 12% in the last 24 hours, the altcoin is currently hovering around $0.298. Concurrently, its trading volume has soared by 75% during the same timeframe, signaling increased engagement from traders and investors.
Statistics from the blockchain analysis company Coinglass reveal a substantial rise in the altcoin’s open interest (OI), indicating robust involvement from traders.
As per the data, traders have inflated their positions by 7.5% in the last 24 hours and by 4.2% in the previous hour.
Besides the OI surge, Coinglass’s data on ALGO’s spot inflow/outflow denotes active participation from traders. Notably, big investors have consistently been amassing the token since November 23, 2024.
This heightened interest from traders and investors has enabled ALGO to resist the market’s correction phase.
Algorand Technical Examination and Future Targets
According to expert technical analysis, ALGO is presently consolidating within a tight range near the sturdy resistance levels of $0.25 and $0.30. The coin’s daily chart reveals a four-day consolidation within this range.
The current sentiment surrounding ALGO is optimistic, fueled by substantial interest from traders and investors, potentially aiding the coin in surpassing this resistance barrier.
Given historical price movements, breaking above and closing a daily candle beyond $0.32 could propel ALGO by 40% to touch $0.45 in the days ahead.
Positively, the altcoin is trading above the 200-day Exponential Moving Average (EMA) on the daily chart, indicating an upward trajectory. However, the Relative Strength Index (RSI) hints at a probable price correction as it currently resides in overbought territory.
An amalgamation of these blockchain metrics with technical analysis suggests that bulls are dominantly influencing the asset and are potentially gearing up to conquer this significant resistance level.