Algorand’s Price Rallies as Open Interest Hits Record $81 Million

2024-11-29 14:00

Algorand’s price has surged 19% over the past 24 hours, making it the market’s top gainer. The double-digit price rally has pushed the altcoin’s price to a two-year high of $0.34.

With strengthening trading activity, the ALGO token price may attempt to rally above $1 for the first time since 2022. This analysis delves into why that is possible. 

Algorand Open Interest Hits All-Time High

A rise in open interest has accompanied ALGO’s double-digit price hike. This has rallied by 28% over the past 24 hours and is currently at an all-time high of $81 million. 

ALGO Open Interest. Source: Santiment

Open interest measures the total number of outstanding contracts (futures or options) in an asset’s derivatives market and shows the level of trader participation. When it spikes during a price rally, it suggests increased market confidence and participation. It indicates that the rally is backed by strong demand and hints at sustained price growth.

Moreover, ALGO’s Moving Average Convergence Divergence (MACD) indicator observed on a daily chart confirms this bullish outlook. At press time, the altcoin’s MACD line (blue) rests atop its signal line.

ALGO MACD. Source: TradingView

This indicator measures an asset’s price trends and momentum and identifies potential reversal points. As in ALGO’s case, when the MACD line is above the signal line, the asset’s price is experiencing upward momentum, signaling a buying opportunity. This crossover indicates that short-term gains are outpacing long-term trends, reflecting positive market sentiment.

ALGO Price Prediction: $1 May Be Within Reach

Currently priced at $0.34, ALGO is holding steady above crucial support at $0.30. If this level strengthens as a solid support floor, it could drive the altcoin toward $0.47. A breakout above this resistance could potentially push it past the $0.50 mark and bring $1 into view. 

ALGO Price Analysis. Source: TradingView

However, a shift in market sentiment could invalidate this bullish outlook. Increased selling pressure could cause the ALGO token price to shed its recent gains, pushing it below support at $0.30 and potentially sending it toward $0.08.

The post Algorand’s Price Rallies as Open Interest Hits Record $81 Million appeared first on BeInCrypto.

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