{"id":264469,"date":"2022-10-17T02:00:39","date_gmt":"2022-10-16T20:30:39","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=264469"},"modified":"2022-10-16T17:30:22","modified_gmt":"2022-10-16T12:00:22","slug":"algorand-assessing-if-its-time-to-double-down-on-algo-holdings","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/algorand-assessing-if-its-time-to-double-down-on-algo-holdings\/","title":{"rendered":"Algorand: Assessing if it\u2019s time to double-down on ALGO holdings"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Algorand&#8217;s [ALGO]<\/span><span style=\"font-weight: 400;\"> social engagement hit 12.78 million on the hourly clock as LunarCrush reported that the ALGO was gaining massive attention than the usual. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Here\u2019s <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/algorand-price-prediction\"><span style=\"font-weight: 400;\">AMBCrypto\u2019s Price Prediction for Algorand<\/span><\/a><span style=\"font-weight: 400;\"> for 2022-2024<\/span><\/p>\n<hr \/>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Alpha: When you see spikes in social activity, it typically means there&#39;s something to pay attention to&#8230;<a href=\"https:\/\/twitter.com\/search?q=%24ALGO&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ALGO<\/a> social engagements measured hourly hit 12.87M, 1.22K% above the 7-day average.<\/p>\n<p>Access <a href=\"https:\/\/twitter.com\/hashtag\/algorand?src=hash&amp;ref_src=twsrc%5Etfw\">#algorand<\/a> insights with a LunarCrush Level 5 account: <a href=\"https:\/\/t.co\/BIkh6qFIUO\">https:\/\/t.co\/BIkh6qFIUO<\/a> <a href=\"https:\/\/t.co\/YeXKYonShv\">pic.twitter.com\/YeXKYonShv<\/a><\/p>\n<p>&mdash; LunarCrush (@LunarCrush) <a href=\"https:\/\/twitter.com\/LunarCrush\/status\/1581539452144320512?ref_src=twsrc%5Etfw\">October 16, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><b>An alpha to lead the pack<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Interestingly, it looked like the social influence did not end with a \u201ctalk is cheap\u201d mode. This was because the discussion around the decentralized-traditional finance bridge translated to a price increase. According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/algorand\/\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, ALGO was trading at $0.32 \u2014 a 3.23% surge in the last 24 hours.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The price uptick made ALGO &#8216;one of the stand-out&#8217; 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 <\/span><a href=\"http:\/\/ambcrypto.com\/algorands-report-card-22-days-after-the-announcement-of-a-partnership-with-fifa\/\"><span style=\"font-weight: 400;\">confirmed<\/span><\/a><span style=\"font-weight: 400;\"> that it was one of the sponsors of the much-anticipated football events.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the charts, ALGO\u00a0 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, a further volatility spike could help increase the current ALGO price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Per the Moving Average Convergence Divergence (MACD), ALGO\u2019s momentum seemed to be grabbing the positive levels. At press time, ALGO buyers (blue) were in control at 0.0006. For sellers (orange), the -0.0008 position was not enough to draw down the buyers\u2019 dominance. Hence, it was likely that ALGO could maintain the bullish streaks in the short term.<\/span><\/p>\n<figure id=\"attachment_264470\" aria-describedby=\"caption-attachment-264470\" style=\"width: 1118px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/ALGOUSDT_2022-10-16_09-54-42.png\"><img decoding=\"async\" class=\"size-full wp-image-264470\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/ALGOUSDT_2022-10-16_09-54-42.png\" alt=\"\" width=\"1118\" height=\"727\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/ALGOUSDT_2022-10-16_09-54-42.png 1118w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/ALGOUSDT_2022-10-16_09-54-42-300x195.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/ALGOUSDT_2022-10-16_09-54-42-1024x666.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/ALGOUSDT_2022-10-16_09-54-42-768x499.png 768w\" sizes=\"(max-width: 1118px) 100vw, 1118px\" \/><\/a><figcaption id=\"caption-attachment-264470\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h3><b>On-chain analysis<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">On-chain, it was no surprise that ALGO addresses had tremendously increased. According to Messari, <\/span><a href=\"https:\/\/messari.io\/asset\/algorand\/chart\/addr-cnt\"><span style=\"font-weight: 400;\">active addresses<\/span><\/a><span style=\"font-weight: 400;\"> on the ALGO chain only hit 15 million in the last week of September. However, data showed that an extra 200,000 holders have added ALGO to their holdings.<\/span><\/p>\n<figure id=\"attachment_264471\" aria-describedby=\"caption-attachment-264471\" style=\"width: 1150px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/ALGO_Addresses-Count_2022-10-16.png\"><img decoding=\"async\" class=\"size-full wp-image-264471\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/ALGO_Addresses-Count_2022-10-16.png\" alt=\"\" width=\"1150\" height=\"589\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/ALGO_Addresses-Count_2022-10-16.png 1150w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/ALGO_Addresses-Count_2022-10-16-300x154.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/ALGO_Addresses-Count_2022-10-16-1024x524.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/ALGO_Addresses-Count_2022-10-16-768x393.png 768w\" sizes=\"(max-width: 1150px) 100vw, 1150px\" \/><\/a><figcaption id=\"caption-attachment-264471\" class=\"wp-caption-text\">Source: Messari<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">In addition, it might seem that there could be rising developments on the ALGO chain. According to Santiment, ALGO\u2019s development activity was 15.07. Prior to the current value, the development activity had decreased to 8.88 on 11 October.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, it was possible that ALGO investors were putting in much pressure to accumulate the cryptocurrency. Santiment <\/span><a href=\"https:\/\/app.santiment.net\/charts\/qWZKMeTM__sCl\"><span style=\"font-weight: 400;\">revealed<\/span><\/a><span style=\"font-weight: 400;\"> the 24-hour trading volume which spiked to 165.04 million on 14 October had decreased to 63.88 million as of this writing. However, with the volume picking up a 1.44% one-day increase, ALGO could possibly rise to the former state depending on the buying pressure.<\/span><\/p>\n<figure id=\"attachment_264473\" aria-describedby=\"caption-attachment-264473\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/Bitcoin-BTC-10.39.30-16-Oct-2022.png\"><img decoding=\"async\" class=\"size-full wp-image-264473\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/Bitcoin-BTC-10.39.30-16-Oct-2022.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/Bitcoin-BTC-10.39.30-16-Oct-2022.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/Bitcoin-BTC-10.39.30-16-Oct-2022-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/Bitcoin-BTC-10.39.30-16-Oct-2022-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/Bitcoin-BTC-10.39.30-16-Oct-2022-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/Bitcoin-BTC-10.39.30-16-Oct-2022-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/Bitcoin-BTC-10.39.30-16-Oct-2022-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-264473\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Algorand&#8217;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.<a href=\"https:\/\/ambcrypto.com\/algorand-assessing-if-its-time-to-double-down-on-algo-holdings\/\">Continue reading <span class=\"sr-only\">&#8220;Algorand: Assessing if it\u2019s time to double-down on ALGO holdings&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":264474,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-264469","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Algorand: Assessing if it\u2019s time to double-down on ALGO holdings - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Algorand [ALGO]\u2019s social engagement hit 12.78 million on the hourly clock as LunarCrush reported that the coin was gaining massive attention\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/algorand-assessing-if-its-time-to-double-down-on-algo-holdings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Algorand: Assessing if it\u2019s time to double-down on ALGO holdings - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Algorand&#039;s social engagement hit 12.78 million on the hourly clock as LunarCrush reported that the ALGO was gaining massive attention than the usual. 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