During the price adjustment phase, Algorand [ALGO] surged across the market at an astonishing price. As of the time of writing, ALGO has become the third largest gainer, attracting significant attention from whales and investors.
Algorand moves against the market trend.
In the past 24 hours, the price of this altcoin has surged over 12%, currently trading close to $0.298. Meanwhile, its trading volume has increased by 75% during the same period, indicating heightened participation from traders and investors.
On-chain analysis from Coinglass shows that the open interest (OI) of altcoins has significantly increased, indicating high trader participation.
Data shows that traders have increased their positions by 7.5% in the past 24 hours and by 4.2% in the past hour.
In addition to the increase in OI, Coinglass's ALGO spot inflow/outflow data also indicates high trader participation. Furthermore, since November 23, 2024, whales and investors have been continuously accumulating tokens.
The strong interest from traders and investors has helped ALGO through the market adjustment phase.
Algorand technical analysis and upcoming levels.
ALGO is currently trading in a narrow range near the strong resistance level of $0.25 and $0.30. According to the daily chart of the altcoin, the price has consolidated in this range for four days.
Driven by the strong interest from investors and traders, the current sentiment for ALGO appears bullish, which may help the altcoin break through this resistance level.
Based on historical price momentum, if ALGO breaks above this level and closes above $0.32 on a daily basis, it is highly likely to surge 40% to $0.45 in the coming days.
On the positive side, the altcoin is trading above the 200 exponential moving average (EMA) on the daily chart, indicating an upward trend. However, its relative strength index (RSI) suggests that a price correction may occur as it is currently in the overbought zone.
Combining these on-chain indicators with technical analysis indicates that bulls are strongly dominating the asset and may soon overcome this significant resistance.