The trading volume of Algorand (ALGO) has increased by 130% in the past 24 hours, leading to a rise in the token's price to $0.40. This has resulted in 38% of ALGO holders being in unrealized profits. While this could potentially increase the number of profitable holders, on-chain analysis suggests that ALGO's price may face a setback. The increase in both trading volume and price indicates strong bullish momentum, but a drop in volume could weaken this momentum. Large holders' netflow has turned negative, indicating that these holders are selling more than buying. Additionally, the In/Out of Money Around Price (IOMAP) analysis shows significant resistance at $0.42, suggesting that ALGO's price may struggle to trade higher. If these trends continue, ALGO could pull back to $0.35, but if trading volume and accumulation intensify, the value could rise to $0.50.



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