- The ALGO crypto price has given a return of 19% in the last 14 days.
- The inflation rate of the Algorand token is high, resulting in 12.20%.
Algorand (ALGO) is a decentralized blockchain protocol. It is designed for fast, secure, and scalable transactions with minimal fees. Created by Silvio Micali, it serves as a means of payment, a store of value, and it facilitates asset tokenization, smart contracts, and dApps. Its liquidity and security attract investors and users alike.
The trading price of the crypto has lost its value by 94.8% from its all-time high value and is currently trading at a level of $0.187. The all-time high price hit by the crypto is $3.56, and the all-time low price for the crypto is $0.08751, recorded five months ago.
The market cap dominance of the crypto is 0.08%, and the market cap value of the crypto is $1.51B. This cryptocurrency’s market cap has advanced by 2.79% in the last 24 hours, resulting in a market cap ranking of #55.
The circulating supply of the Algorand is 8.044B ALGO, and the total supply of the crypto is also the same. The max supply of the crypto is 10.0B ALGO, and the fully diluted market cap is 1.873B.
The volume/market cap ratio of Algorand crypto is 3.67%, and the volatility is also high, resulting in 5.65%. The sentiment of the crypto is also bullish, and the fear and greed index indicates greed.
Algorand Crypto Derivatives Analysis
The derivatives trading volume of the crypto has declined by 14.2% in the last 24 hours. Following this, the open interest of the crypto has also witnessed an advance of 3.9%, resulting in $37.78M.
The long/short ratio for the crypto is 0.9616, and the long liquidation witnessed by the crypto is worth $9.52K. Instead, the short liquidation for the crypto is $37.00K. That shows how dominant the buyers have been in the market over the last 24 hours.
ALGO Crypto Technical Analysis
The ALGO crypto price followed a solid downward trend followed by the formation of the lower low swing of the weekly chart of the crypto. However, following the most recent price action by Algorand price, it has formed a higher low on the chart.
Thus, if the crypto price further manages to break above the last swing high, a change in trend to bullish can be seen in the crypto price, which might further lead the prices to a higher level.
ALGO/USD Chart by TradingView
The crypto price has also advanced above the EMAs, followed by the golden crossover of the 50-day and the 200-day EMA. Furthermore, the crypto price is forming bullish candlesticks on the chart and going after retracing to the 50-day EMA.
The ADX indicator on the daily chart of the ALGO crypto is trading at a level of 21, indicating that the crypto price is gaining momentum and strength.
The Stochastic RSI is trading at the overbought zones, which indicates the possibility of further decline in the crypto price. It might follow a retracement or reversal of trend.
Summary
Algorand (ALGO) demonstrates a 19% return in 14 days, with a bullish sentiment and a weekly chart showing a higher low formation. Despite a significant decline from its all-time high, trading at $0.187, it signals a potential bullish reversal if it surpasses the last swing high, supported by EMAs and momentum indicators.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.