At the time of reporting, the leading cryptocurrency is valued at $64,500, with altcoin investors starting the day on a downward trend. Bitcoin‘s price fluctuation remains within a narrow range, currently unfavorable for altcoins. As the week concludes, a Bitcoin close above $65,000 could enhance market risk appetite over the weekend. So, what is happening with ALGO Coin?
Algorand (ALGO) Indicators
Daily chart indicators reveal a strengthening investor buying demand for ALGO Coin. This trend could propel the price upward as buyers outnumber sellers. The Relative Strength Index (RSI) is at 58.5, moving towards the overbought territory. Money Flow Index (MFI) data also supports a continued rise, showing money flow above the neutral zone.
MFI and RSI measure investor demand. They identify overbought or oversold conditions. ALGO Coin’s current outlook suggests the recent double-digit rise over seven days might persist with growing buying pressure.
Future Price Predictions
The Aroon indicator stands at 92.86%, bolstering the likelihood of a larger rally. Approaching 100, this indicator confirms high investor appetite. Futures data from Coinglass shows a positive funding rate since July 10, indicating that futures investors anticipate a continued rise.
Should the price increase persist, ALGO could test the monthly high of $0.16. Conversely, potential Bitcoin declines or ALGO profit-taking might push the price down to $0.11.
Key Takeaways
– ALGO’s RSI and MFI indicators suggest a strong buying trend.
– The Aroon indicator signals high investor appetite nearing 100%.
– Positive funding rates indicate futures investors’ confidence in continued price increases.
On the macroeconomic side, no significant developments are expected this week. However, Trump’s participation in a Bitcoin event supports investor sentiment, and ETH ETFs will start trading on exchanges on Tuesday. The expectation of optimism in the coming days might spur investor activity.
