Pi Network Flashes Bullish Reversal Signals
07 Aug 2025
📉 Bitcoin Price Forecast: Consolidation Persists
07 Aug 2025
04 Aug 2025
Algorand (ALGO) Price Forecast: Bulls Eye Breakout as Momentum Builds
Despite muted capital inflows, bullish sentiment is rising among Algorand (ALGO) traders in the derivatives market. Data from CoinGlass reveals a long-to-short ratio of 1.0991, with 52% of positions favoring longs over the past 24 hours—indicating growing confidence in a potential price recovery.
📊 Derivatives Market Overview
Open Interest (OI): $119.01M (up from $112.84M Sunday)
Recent OI Peak: $185.83M on July 18
Long/Short Ratio: 1.0991 (Bullish Bias)
Although OI remains far below July’s peak, a further rise—paired with a sustained long bias—could confirm increasing buying pressure. Sidelined investors may be watching for this signal before entering.
📈 Technical Setup: Wedge Breakout in Sight
ALGO is trading within a falling wedge pattern on the 4-hour chart and has just bounced off its lower trendline, signaling a potential bullish breakout.
🔍 Key Technical Indicators:
RSI (4H): 53 – Climbing, with room to grow before overbought territory
MACD: Green histogram bars rising above zero – positive momentum
Supertrend Resistance: $0.2500 – potential breakout trigger
Target: $0.2797 (50% Fibonacci level) – approx. 13% upside
Support: $0.2234 – prior swing low and wedge base
A confirmed breakout above $0.2500 could spark a rally toward $0.2797, offering an attractive trade setup for bullish traders.
✅ Summary
Bias: Bullish breakout forming
Breakout Entry Zone: Above $0.2500
Target: $0.2797
Key Support: $0.2234
Latest Posts
