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Algorand hits two-year high with positive data
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The cryptocurrency Algorand (ALGO) reached a notable milestone this Friday (29), surpassing the year’s price record. The asset registered an increase of more than 30% on the day alone, continuing its strong rally from the previous week, when it advanced 60%.
This exciting performance has seen ALGO reach levels not seen since November 2022. Additionally, Algorand recently announced a partnership with the UN.
The price of Algorand surpassed US$0.38, breaking the annual high established in March. This movement was driven by robust data highlighting the increase in total value locked (TVL) and open interest in protocols based on the Algorand ecosystem.
Data from the Defi Llama platform shows that Algorand’s TVL rose from US$ 125.25 million on Tuesday to $157.97 million on Friday, marking 26% growth in just a few days.
Algorand Price
This increase indicates greater use and trust in network-based protocols, attracting deposits and asset movements.
At the same time, ALGO futures Open Interest also rose significantly. Information from Coinglass shows that OI rose from US$75.69 million to US$95.87 million in the same period.
This indicator reflects the entry of new resources into the market, suggesting that investors are betting on more gains for the cryptocurrency.
With this movement, analyst Manish Chhetri projects that the ALGO could test its October 2022 weekly high at the $0.45 mark. However, warning signs are also on the radar.
The cryptocurrency’s relative strength index (RSI) has reached 79indicating overbought conditions. This suggests a possible short-term correction if the indicator pulls back from this range.
Despite the optimistic outlook, a weekly close below $0.276 would invalidate the bullish scenario, which could take the price back to the support region at $0.25.
Algorand hits two-year high with positive data
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Algorand hits two-year high with positive data
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Algorand hits two-year high with positive data
