Algorand price forecast: ALGO eyes over 10% increase as it nears breakout from wedge pattern

Algorand recently increased by 7% on Sunday, maintaining momentum on Monday with an additional 1% rise. Technical analysis indicates a bullish trend and a possible breakout from a wedge pattern, reflecting positive investor sentiment.

The derivatives market shows strong buying with a long-to-short ratio of 1.0991. However, capital inflows remain muted, with Open Interest steady at 119.01 million USD. Technical indicators, including RSI and MACD, further support a favorable outlook for ALGO.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

More posts