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\t\t\t\t\t\t\t\tPosted: September 22, 2023 \t\t\t\t\t\t Lately, many altcoins have been showing hints that the much-anticipated altcoin season could be close. In fact, cryptocurrencies like <\/span>Toncoin [TON]<\/span><\/a>, <\/span>Cosmos [ATOM]<\/span><\/a>, and <\/span>ImmutableX [IMX]<\/span><\/a> have all had impressive outings in the last few days.<\/span><\/p>\n Is your portfolio green? Check out the <\/span>ALGO Profit Calculator<\/span><\/a><\/p>\n However, <\/span>Algorand [ALGO]<\/span><\/a> is one altcoin that has been a strange addition to the lot. For reasons, one can point to the disappointing performance ALGO has had all year long. But in the last seven days, the price has increased by 7.28%.<\/span><\/p>\n It is even more surprising that crypto educator and analyst IncomeSharks predicted that ALGO could soon flip bullish and breakout of a tight wedge. For ALGO to achieve this upward surge, it needs a significant volume while the trend lines need to close in. <\/span><\/p>\n According to IncomeShark, the aforementioned scenario is very possible.<\/span><\/p>\n $ALGO<\/a> \u2013 Seeing alts start flipping the supertrends bullish on the daily. This one just flipped the first one, I’m expecting it to flip the next and break out of the wedge. pic.twitter.com\/MAIj9ZTgm5<\/a><\/p>\n \u2014 IncomeSharks (@IncomeSharks) September 21, 2023<\/a><\/p>\n<\/blockquote>\n Just three months ago, AMBCrypto <\/span>reported<\/span><\/a> that almost all ALGO holders were holding at a loss. But even though the conditions haven\u2019t significantly changed, this breakout, if achieved, could offer some form of <\/span>relief<\/span><\/a>.\u00a0<\/span><\/p>\n Also, some on-chain metrics seem to support the projection. To start with, Algorand\u2019s social dominance, which had its seasons of downsides, was back up at 1.025% at press time. Social dominance shows the share of discussions an asset has compared to others in the cryptocurrency market.<\/span><\/p>\n Therefore, the increase in ALGO\u2019s social dominance means that the token was trying to equal the level of hype other major altcoins had. Usually, this is a <\/span>bullish sign<\/span><\/a> for a cryptocurrency. Another metric that backed up IncomeSharks\u2019 perception was the weighted sentiment.<\/span><\/p>\n At the time of writing, ALGO\u2019s weighted sentiment was 3.03. This metric measures the positive or negative acumen connected to a token within the social media terrain. When the metric is negative, it means the broader market is bearish on the price.<\/span><\/p>\n Source: Santiment<\/p>\n<\/div>\n But in ALGO\u2019s case, the positive value implies that traders are bullish on the token\u2019s short-term performance.\u00a0 From ALGO\u2019s four-hour chart, the Money Flow Index (MFI) had risen to 56.25. The technical indicator reading signifies that ALGO had good buying momentum.<\/span><\/p>\n As a leading indicator, the MFI suggests that prices may continue in the upward direction. Indications from the Directional Movement Index (DMI) also seemed to show the same. At the time of writing, the +DMI (green) was 31.13 while the -DMI (red) was 18.68.<\/span><\/p>\n Read <\/span>Algorand\u2019s [ALGO] Price Prediction<\/span><\/a> 2023-2024<\/span><\/p>\n This showed that buyers had more presence in the market than sellers. However, ALGO might need the Average Directional Index (ADX) yellow to trend <\/span>higher<\/span><\/a> as confirmation of a price increase. At press time, the ADX (yellow) was 24.77. <\/span><\/p>\n If the indicator reaches 25, or above, then ALGO will rise above $0.1.<\/span><\/p>\n
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\nALGO: On the brink of revival?<\/b><\/h4>\n
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![\"Algorand](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Algorand-ALGO-11.44.56-21-Sep-2023.png\")
<\/a><\/p>\nBears may not have a say<\/b><\/h4>\n
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![\"Algorand](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-21-at-12.55.07.png\")