Algorand: Assessing if it’s time to double-down on ALGO holdings

city Santiment Extreme FIVE Platform CoinMarketCap Holdings

17.10.2022 - 00:33

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ambcrypto.com:

Algorand’s [ALGO] social engagement hit 12.78 million on the hourly clock as LunarCrush reported that the ALGO was gaining massive attention than the usual.

This out-of-the-ordinary increase seemed proof for ALGO enticing a big part of the crypto community. According to the crypto social intelligence platform, ALGO did not only rise at the hourly ends. The engagements also led to a 1,220% spike over the social status of the previous seven days.

Here’s AMBCrypto’s Price Prediction for Algorand for 2022-2024

<p lang=«en» dir=«ltr» xml:lang=«en»>Alpha: When you see spikes in social activity, it typically means there's something to pay attention to…$ALGO social engagements measured hourly hit 12.87M, 1.22K% above the 7-day average.

Access #algorand insights with a LunarCrush Level 5 account: https://t.co/BIkh6qFIUO pic.twitter.com/YeXKYonShv

— LunarCrush (@LunarCrush) October 16, 2022

Interestingly, it looked like the social influence did not end with a “talk is cheap” mode. This was because the discussion around the decentralized-traditional finance bridge translated to a price increase. According to CoinMarketCap, ALGO was trading at $0.32 — a 3.23% surge in the last 24 hours.

The price uptick made ALGO ‘one of the stand-out’ cryptocurrencies since the wider market sentiment was mostly negative. Additionally, the FIFA world cup drawing near could also have contributed to rising interest. Recall that five months back, Algorand had confirmed that it was one of the sponsors of the much-anticipated football events.

On the charts, ALGO was showing signs like it was time to double-down on holding the coin. Indications from the Bollinger Bands (BB) showed that ALGO could experience extreme volatility in the coming days. In this case,