- Algorand was confronted with buying pressure after breaking the $ 0.24 key resistance level on its falling wig pattern in the 4-hour graph.
- Despite the rising open interest, Algo has to confirm the next direction, because technical indicators flash mixed signals.
Algorand [ALGO] Saw an increase of 18.61% in trade volume after the outbreak of his falling wig pattern with a considerable purchasing pressure.
At the time of the press, Algo increased by 5.4% and traded according to $ 0.250, according to Mint market cap.
The Altcoin has been consolidating for weeks in a falling wig pattern before an outbreak above the most important resistance level of $ 0.24. After the outbreak, traders wonder what the following is if Algorand blinks mixed signals.
Algorand’s price promotion on the graph
Looking at the 4-hour graph, Algo has received a bullish momentum and breaks above the $ 0.24 key resistance level at its falling resistance trend line.
The price is consolidating above its falling wig pattern while the bulls try to confirm the outbreak and price trend.
As the buying pressure increases, Algo could view $ 0.32 in the short term, focusing on the $ 0.40 key resistance level. Not maintaining $ 0.24 can lead to the re -testing of the most important level of $ 0.22 in the direction of support of $ 0.17 in its falling wedge formation.
Source: TradingView
At the time of writing, Algorand’s Relative Strength Index (RSI) is 59, with its short-term and long-term-missing ” buy ” on the basis of trade view data. This indicates that the Altcoin was not overbought at the time of the press.
The MACD (12.26) was at -0.0213, which suggests a potentially bullish momentum. With the EMA and Medium term SMA signaling “Sales”, however, the upward trend has not yet been confirmed.
A look at the statistics on the chain
A majority (78%) of the Algo holders, who are large investors, have no money anymore after they have held the Token for more than a year, according to data from IntotheLlock.
Algo has hit $ 72.07 million in large transactions in the past week, while the 24-hour long-short ratio rose to 2.19 signaling that more investors have bought than sales.
Source: Intotheblock
Algorand has locked the total value (TVL) recently fluctuating and a decrease in Q1 2025, according to Defillama data.
Despite an increase of 10% in open interest (OI) in the last 24 hours, Algo stood for the same pressure of the bulls and bears.
Source: Defillama
Main levels to view
Algorand must keep his bullish momentum above the $ 0.24 key level with a strong purchasing pressure. It should make higher highlights and lows in the lower time frame to confirm the outbreak.
If the uptrend applies, the Altcoin could reach the most important level of $ 0.32 and at the same time aim the $ 0.40 key resistance level in the coming weeks.
