ALGO’s price has been rising lately, attracting more attention from traders and investors. Looking at price charts and blockchain data, it seems like ALGO could keep climbing. Some crypto experts have been discussing it on social media, pointing to charts that show an upward trend.

Algorand Technical Analysis

Prominent analyst Ghost3d shared a 4-hour price chart for ALGO revealing a well-defined market structure, highlighting key support and resistance levels. The price recently tested a strong support zone around $0.250, where it demonstrated notable resilience with a sharp rebound. Analysts believe this support level signals increased buying interest, marking it as a potential launchpad for future upward movement.

Intermediate resistance lies in the $0.400-$0.450 range, which represents a critical area for price consolidation before further gains. The $0.600 mark serves as the next significant resistance level and aligns with the token’s previous peak. Price action indicates a potential stair-step pattern, where ALGO’s price may test these levels while maintaining an overall bullish trend.

Image Source: X/Ghost3d Volume Spikes and TVL Growth Attract Attention

The growing on-chain activity and volume spikes in ALGO have not gone unnoticed. According to a tweet from “The Altcoin Chief,” Algorand is being recognized as a “hidden gem” among Layer-1 blockchains. 

The tweet also mentions noticeable increases in Total Value Locked (TVL) and user adoption. These metrics, combined with rising trading volumes, suggest heightened interest in the blockchain’s ecosystem, which could further bolster ALGO’s price movement.

Additionally, increased network activity aligns with the chart’s bullish signals, reinforcing the narrative of a potential breakout.

$ALGO @AlgoFoundation could be a hidden gem when it comes to L1’s The current volume spikes are noticeable, also TVL is growing and so are the usersIt won’t be long before people realise this IMOREMEMBER: Always follow the money https://t.co/Fo6XwfwVzp pic.twitter.com/CZu62pSPks

— THE ALTCOIN CHIEF (@thealtcoinchief) December 22, 2024

Influencers Highlight ALGO’s Market Potential

Crypto influencers have played a role in amplifying Algorand’s visibility. “Ghost3d,” in a separate tweet, expressed enthusiasm about ALGO, describing it as “about to cook” and including a rocket emoji to signal a possible price surge. This sentiment, combined with the optimism in “The Altcoin Chief’s” analysis, suggests growing market confidence.

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Market participants are monitoring the $0.400 resistance level as the next test for ALGO’s bullish momentum. If the price successfully breaches this zone, the focus will shift to the $0.600 target. Sustained volume growth and increased user activity may provide the necessary momentum for this rally.

The combination of technical indicators, on-chain metrics, and growing market sentiment points to the possibility of a strong performance for Algorand’s price in the coming weeks.

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