Forecast: ALGO bulls see double-digit growth
Thursday, Algorand price continues its 20% increase from Wednesday.
According to Algo insights, ALGO's RWA TVL rose 34.6% in the second half of 2024, and 64.5% of X follower growth came in the fourth quarter.
Since ALGO's open interest and long-to-short ratio are over one, on-chain data is positive.
Algorand (ALGO) price reached almost a one-month high on Thursday, trading above $0.460 after surging more than 19% the day before. ALGO's Real World Asset (RWA) Total Value Locked (TVL) climbed 34.6% in the second half of 2024, while 64.5% of X follower growth came in the previous quarter, indicating rising interest in the token. On-chain data shows ALGO's open interest rising and long-to-short ratio over one, indicating additional increases.
Algorand pricing is encouraging.
Algorand surged 27.28% in the following two days, closing above its daily resistance level of $0.423 on Wednesday, after finding support above the 61.8% Fibonacci retracement from the previous bullish advance (drawn from the November 4 low of $0,105 to the December 3 high of $0,615) on Monday It's trading higher at $0.460 on Thursday.
ALGO might climb 30% to hit its December 3 high of $0.615.
The Tuesday Algo insights report also predicts Algorand's success. The analysis found that Lofty asset tokenization drove the RWA TVL up 34.6% from $57 million to $77 million in the second half of 2024.
Algorand concluded 2024 strong on social media. Q4 engagement rates were 7.2%, up from 4.3% in Q1-Q3. Perhaps most importantly, Q4 saw 64.5% of X's overall follower increase, with 13,196 new followers compared to 7,251 in the previous three quarters.
Positive bias in Algorand on-chain measurements
OI for ALGO supports the positive forecast. Coinglass data reveals exchange ALGO futures OI climbed from $95.10 million on Tuesday to $156.46 million on Thursday, the largest amount since December 9. An growing OI indicates fresh money entering the market and purchasing, suggesting an Algorand price increase.
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