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Journalist Posted: November 17, 2024 An analyst predicted that a hike above the resistance would spark a 300% rally for ALGO Metrics suggested that there were chances of a correction in the short term Algorand [ALGO] recently breached a bullish pattern on the charts, allowing it to register significant gains. In fact, at the time of writing, the token seemed to be approaching a descending trendline. A breakout above the same could result in a 300% hike over the coming months. Is Algorand ready for a double breakout? World of Charts, a popular crypto analyst, shared a tweet a few days ago regarding ALGO’s breakout above a bullish falling wedge pattern. Since the breakout, the token has been running at 50% profits. To put it into perspective, Algorand’s price has risen by over 32% in the last seven days. Thanks to ALGO’s latest bout of price appreciation, the altcoin’s social dominance surged – A sign of its growing popularity. The token also saw a spike in weighted sentiment, indicating rising bullish sentiment. Additionally, the altcoin’s price hike was supported by a significant uptick in trading volume too.  Source: Santiment ALGO’s latest price action pushed it towards another resistance level. According to a tweet from World Of Charts, if a successful breakout occurs, ALGO could see a 300% price rise in the coming months. While the 300% hike is a long-term goal and appears unrealistic in the short term, AMBCrypto still assessed the token’s on-chain data.  Odds of a bullish breakout Coinglass data revealed that ALGO’s Open Interest (OI) increased sharply. Now, while this might seem bullish at first glance, the reality might be something different altogether.  Historically, whenever ALGO’s OI has hit its press time level, it has been followed by price corrections. A similar episode happened back in April,…

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Filed under: News - @ November 17, 2024 6:09 am