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Algorand crypto has pushed up, now trading at new 2024 highs, but can ALGO price sustain the rally? What’s the latest with this 2021 coin?
At one point in 2019, Algorand rose to as high as $3.59. While prices naturally corrected, the boom of 2021 failed to lift ALGO to this level. Instead, bulls managed to retest $2.9.
However, once this happened in late November 2021, prices were rejected firmly, sparking a dump that eventually saw ALGO sink to as low as $0.094 in September 2023.
The drop changed Algorand and how traders perceived the coin. Not only did it fall down the crypto ranking as alternatives were sought, but activity fell in tandem.
Algorand Rising: ALGO Price Prints New 2024 High
While ALGO is recovering, the coin is still down 90% from the all-time high – will this change in the bull run?
Looking at the ALGOUSDT chart, ALGO is trading at fresh 2024 highs, breaking above $0.33.
At this pace, ALGO is among the top gainers among the top 100 this week. For this trend to be maintained, bulls must push prices higher today and throughout the weekend.
(ALGOUSDT)
If prices are sustained above $0.34, ALGO will likely rise to as high as $0.45 and later $1.
In the futures market, Algorand is drawing traders.
According to Coinglass, the average trading volume is up 164% to over $682 million.
At the same time, 47% more positions have been opened, pushing open interest to over $114 million.
(Source)
The market is more balanced as momentum decreases after the recent multi-month breakout.
(Source)
In the past 12 hours, several longs and shorts have been liquidated.
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