The post Algorand: Why ALGO needs to flip THIS level to hit $0.60 appeared on BitcoinEthereumNews.com.

Algorand crypto surged over 10% in the last 24 hours as of press time and now battles to break the $0.38 level. If ALGO sustains to stay above $0.38, it could break out of the bullish pennant pattern and surge past $0.60. Algorand [ALGO], which ranked 18th among the Top Made in USA Coins by market cap, continues to gain traction.  Analysis of ALGO’s active addresses showed 75.14% of addresses were ‘At The Money,’ highlighting $0.38 as pivotal. This percentage reflects the bulk of ALGO holders whose positions will gain or lose value if ALGO moves away from this level. Specifically, 17.59% of addresses were ‘In The Money,’ profiting at the current price, while 7.26% are ‘Out of The Money,’ facing losses. This distribution indicates a substantial concentration around the current price, suggesting it was a crucial support or resistance zone. Source: IntoTheBlock If ALGO sustains above $0.38, it could solidify this level as support, potentially leading to a price increase as confidence among holders strengthens. Conversely, dropping below this price might trigger a sell-off. The high percentage of addresses at this breakpoint suggests volatility might increase, offering both risk and opportunity for traders. In the longer term, maintaining above this key price level could encourage more buying, driving ALGO’s recovery forward. Price consolidating in a bullish pennant pattern ALGO rose to $0.3808 with a daily gain of 10% but saw a weekly drop of 9.17%, according to CoinMarketCap. ALGO is contesting the $0.38 level, a crucial juncture that could define its short-term trajectory. If it can sustain above this level, ALGO might break out from its bullish pennant pattern, aiming for higher resistance near $0.60. The MACD indicator showed a convergence near zero, suggesting that momentum may be shifting towards the positive. The ADX, at a low value of…

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Filed under: News - @ January 29, 2025 12:22 am