Algorand’s [ALGO] social engagement reached 12.78 million on the hour when LunarCrush reported that the ALGO was getting massive attention than usual.

This extraordinary increase seemed like evidence for ALGO to entice much of the crypto community. According to the crypto social intelligence platform, ALGO didn’t just soar at the end of the hour. The engagements also led to a 1,220% increase in social status over the past seven days.

Here is AMBCrypto’s price prediction for Algorand for 2022-2024

An alpha to lead the pack

Interestingly enough, it seemed that social influence didn’t end with a “talk is cheap” mode. This was because the discussion about the decentralized-traditional financing bridge translated into a price increase. According to CoinMarketCapALGO was trading at $0.32 – up 3.23% in the past 24 hours.

The price increase made ALGO “one of the standout” cryptocurrencies as broader market sentiment was mostly negative. In addition, the approach of the FIFA World Cup could also have contributed to the increasing interest. Recall that five months ago Algorand… confirmed that it was one of the sponsors of the highly anticipated football events.

On the charts, ALGO showed signs as if it was time to double down on coin holding. Indications from the Bollinger Bands (BB) showed that ALGO could experience extreme volatility in the coming days. In this case, a further spike in volatility could help raise the current ALGO price.

According to the Moving Average Convergence Divergence (MACD), ALGO’s momentum appeared to be grabbing the positive levels. At the time of writing, ALGO buyers (blue) were in control of 0.0006. For sellers (orange), the -0.0008 position was not enough to bring down buyer dominance. Therefore, it was likely that ALGO could maintain the bullish streaks in the near term.

Source: TradingView

Analysis on the chain

On-chain, it was no surprise that ALGO addresses had exploded. According to Messari, active addresses on the ALGO chain reached only 15 million in the last week of September. However, data showed that an additional 200,000 holders have added ALGO to their holdings.

Source: Messari

In addition, it seems that there are increasing developments in the ALGO chain. According to Santiment, ALGO’s development activity was 15.07.2019. Before present value, development activity had fallen to 8.88 on Oct. 11.

However, it was possible that ALGO investors exerted a lot of pressure to collect the cryptocurrency. Holiness revealed 24-hour trading volume, which peaked at 165.04 million on Oct. 14, had fallen to 63.88 million at the time of writing. However, with volume up 1.44% in a single day, ALGO could potentially rise to its old state depending on buying pressure.

Source: Santiment





This post Algorand: assessing whether it is time to double down on ALGO holdings

was published first on https://ambcrypto.com/algorand-assessing-if-its-time-to-double-down-on-algo-holdings/

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