AI predicts Algorand price for year-end as ALGO reaches new yearly high
The post AI predicts Algorand price for year-end as ALGO reaches new yearly high appeared on BitcoinEthereumNews.com.
Algorand (ALGO) has captured the spotlight in the cryptocurrency market, trading at $0.44 after a dramatic one-day gain of 17% and an impressive 47% rise over the past week. The token has surged above its yearly high of $0.32, established in March, reaching levels unseen since November 2022.With on-chain metrics signaling bullish momentum, ALGO has captured the attention of traders and investors who are speculating on its year-end price trajectory. ALGO seven-day price chart. Source: Finbold ALGO breaks key resistance levels ALGO’s current rally has propelled it beyond a long-term horizontal resistance area, cementing a new yearly high. This bullish move aligns with a broader market recovery and has been fueled by strong fundamentals within the Algorand ecosystem. Notably, Algorand’s Total Value Locked (TVL) has increased by 59% this week, rising from $117.39 million on November 22 to $187.55 million at the time of writing, according to DefiLlama. This growth indicates heightened user activity and ecosystem development, which are critical drivers of price appreciation. Simultaneously, CoinGlass data reveals that Algorand is showing strong bullish momentum, as evidenced by a 147.45% surge in derivatives trading volume, reaching $2.00 billion, and a 34.34% increase in open interest (OI) to $165.93 million. Algorand derivatives data. Source: CoinGlass These metrics reflect significant market interest and new capital entering the market, often a precursor to further price increases. The long/short ratio across platforms leans bullish, with Binance’s ALGO/USDT ratio at 1.2202 and OKX’s ratio at 1.09, indicating traders are largely optimistic. Liquidation data supports this sentiment, as 24-hour short liquidations totaled $2.98 million, significantly outpacing longs at $1.47 million, suggesting shorts are being squeezed as the price rises. Additionally, top trader data from Binance highlights a strong long bias, with a long/short position ratio of 1.9423. Overall, the data suggests a continued bullish outlook for…
Filed under: News - @ November 30, 2024 1:15 pm