Algorand Surges 19% as Open Interest Reaches $81 Million
Algorand’s price surged 19% in the past 24 hours, making it the market’s top gainer. The double-digit price gains have pushed the altcoin’s price to a two-year high of $0.34.
As trading activity intensifies, the ALGO token price may attempt to rise above $1 for the first time since 2022. This analysis delves into why this is possible.
Algorand Open Interest record high
Increase in open interest Accompanied by ALGO double-digit price Hiking. It has risen 28% in the past 24 hours and currently reaches an all-time high of $81 million.
Open Interest measures the total number of open interest (futures or options) in the derivatives market for an asset and shows the level of trader participation. When it surges during price increases, it signals increased market confidence and participation. This suggests the rebound is supported by strong demand and hints at continued price growth.
Furthermore, the ALGO Moving Average Convergence Divergence (MACD) indicator observed on the daily chart confirms this bullish outlook. At press time, the altcoin’s MACD line (blue) on its signal line.
This indicator measures an asset’s price trend and momentum and identifies potential reversal points. As is the case with ALGO, when the MACD line is above the signal line, the asset price is experiencing upward momentum, signaling a buying opportunity. This crossover indicates that short-term gains are outpacing the long-term trend, reflecting positive market sentiment.
ALGO Price Prediction: $1 May Be Within Your Reach
Currently priced at $0.34 USD, ALGO remains stable Above the key support level of $0.30. If this level strengthens as a solid support, it could push the altcoin towards $0.47. A break above this resistance could push it past the $0.50 mark and into $1 territory.
However, Shifts in market sentiment may lead to ineffectiveness Such a bullish outlook. Increased selling pressure could cause the ALGO token price to give back its recent gains, pushing it down to the $0.30 support and potentially pushing it towards $0.08.
Disclaimer
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