The leading cryptocurrency was at $64,500 at the time of writing, and altcoin investors started the day in the red. The fluctuation in BTC price is currently confined to a narrow range. This situation is not good for altcoins for now. As we approach the last trading day of the week, Bitcoin closing above $65,000 could further increase risk appetite over the weekend. So, what is the situation with ALGO Coin?
Algorand (ALGO)
Momentum indicators on the daily chart show that investor buying demand is strengthening. This situation could support the continuation of the price increase due to bulls becoming more dominant than sellers. The Relative Strength Index (RSI) is above the neutral zone at 58.5 and is moving towards the overbought point. The MFI data also suggests that the rise could continue as the money flow is above the neutral zone.
MFI and RSI monitor the state of investor demand. Here, signals of overbought or oversold conditions are sought. The current outlook for Algo Coin indicates that the double-digit rise over the last 7 days could continue with increasing buying pressure.
Moreover, BTC avoiding lower levels is also appetite-enhancing. If BTC starts closing above $65,000, we could see a new period where appetite for altcoins increases further.
ALGO Coin Price Prediction
The Aroon indicator is at 92.86%, and this was the third supportive indicator for a larger rally. As the Aroon indicator approaches 100, appetite is confirmed at quite high levels. The fourth important signal comes from futures. According to Coinglass data, the funding rate has been positive since July 10. This means that futures investors also assume the rise will continue.
If the rise continues, we could see a new move testing the monthly peak of $0.16. However, in the opposite scenario, potential BTC declines or ALGO profit-taking could continue sales down to $0.11.
On the macroeconomic front, there are no other major developments this week. Trump’s participation in a Bitcoin event is currently supportive of investor sentiment, and ETH ETFs will start trading on exchanges on Tuesday. The expectation of optimism in the coming days could mobilize investors at some point.
