These factors determine whether or not ALGO will rise again by 75%

Until recently, ALGO was one of the few coins that did not follow the overall trend of the market. The price hit a local high on November 18th and is likely to continue its upward trend.

ALGO 4 Hour Price Chart | Source: Tradingview

Interestingly, on November 18, ALGO rose. by more than 75% in just 15 minutes. This step isn’t entirely unexpected as there are multiple triggers.

21Shares recently announced the listing of the Exchange Traded Product (ETP) ALGO on the SIX Swiss Exchange. Immediately after the news got widespread, the asset’s price began to respond positively.

Likewise in another announcement, also on November 18, the Korean stock exchange Upbit Disclosure listed the ALGO token on the KRW market, which means local users can now buy tokens in their local currency.

Together, these factors have had a positive impact on market participants and fueled the “huge” rally.

Break to the prepare for the next race?

Such spikes rarely last long. As expected, ALGO crashed in the charts shortly thereafter. In just 24 hours, this altcoin lost 15% of its value.

Such dramatic price movements triggered the ALGO volatility index. According to Messari data, the index is above 1 (1.02) at press time, pretty close to a 1-month high.

Therefore, unless the curve turns sideways on this chart, ALGO will continue to fluctuate in both directions for the next several hours.

The source: Messari

In fact, the number of large transactions also rose, reaching a multi-month high of 2.1 thousand transactions at the time of going to press. It is therefore clear that market participants are increasingly interested in this token.

The source: IntoTheBlock

Large transactions can be made by either a buyer or a seller. However, if you look at the current order book statistics, the trend becomes clear. Specifically, market participants began to buy again. For example, there have only been more purchases than sales for 322.4k ALGO tokens in the last 6 hours.

In addition, the derivative curve of the FTX is still in the buy delay zone despite the falling price. Hedging is a situation where the futures contract price of an asset is higher than its spot price. The same thing often happens when prices are expected to rise over time.

Given the current mood among market participants, it can therefore be said that ALGO will continue to rise. However, it should also be noted that it will be a long time before the recent record increase of 75% is broken again.

In addition, investors are also interested in the event Decipher Company take place next week. As with any other official event, interested parties including innovators, developers and community members will discuss the future of the network. Positive developments and announcements should also have an impact on the price.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Minh Anh

According to AMBCrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Missed the AAVE Bullish Ride? This New Presale Can Turn Your Thousands into Millions

While Aave finds itself in uncertain territory, a fresh face in the crypto scene, Qubetics…

1 hour ago

Dogecoin Price Forecast: Analysts Push For $0.2288 DOGE While This Ethereum Altcoin Eyes 8,000% Gains In The Next 16 Days

Analysts push for a Dogecoin price surge to its $0.2288 yearly high while ETFSwap (ETFS)…

2 hours ago

Below $1 Swift Altcoin Competitor Could Overshadow XRP Price Potential Election Rally 

Discover the promising altcoin under $1 that may outperform XRP amid election volatility and market…

2 hours ago

Polkadot and SP Negócios Collaborate to Enhance Crypto Economy Development

Campinas, Brazil, 5th November 2024, Chainwire

2 hours ago

Terra Shuttle Bridge Has Now Been Disabled

Terra Shuttle Bridge has now been closed, and all remaining LUNC and USTC tokens have…

4 hours ago

FLOKI Announces Dubai Takeover with WAFI Mall Campaign

Miami, Florida, 5th November 2024, Chainwire

4 hours ago

This website uses cookies.