$ALGO

Algorand Trading Volume Surges 66% While Volatility Hits New Low, ALGO May Face Breakthrough

Background Information: Algorand (ALGO) has seen a 66% surge in trading volume over the past week, with volatility dropping to a new 30-day low of 65.57%, indicating a rare combination of increasing usage and decreasing volatility.

Main Events: ALGO is testing the upper boundary of its multi-month descending channel, with whale wallets increasing their holdings by 5.12% in the past 30 days, while retail and medium investors have reduced their positions. Address activity data shows a decline in the number of new and active users, reflecting the cautious attitude of retail participants. Technical indicators show key resistance at $0.2541, support at $0.1814 and $0.1511, with RSI at a neutral level of 50.06.

Potential Impact: If ALGO can break through the resistance level of $0.2541, the market structure will turn bullish, potentially triggering further gains in the short term. Binance's liquidation heatmap indicates that $0.21 is a key resistance area, and breaking through this zone may trigger short liquidations, pushing prices up. The current market is in a balanced state, with investors showing strong wait-and-see sentiment; future trends will depend on whether the price can effectively break through the resistance level.

Special Mention: This article contains information related to CoinWorld.