- Algorand has witnessed a decline in its open interest over the last 24 hours.
- ALGO price is outperformed by 73% of the top 100 crypto assets in one year.’
Algorand is a decentralized blockchain protocol and cryptocurrency, created by Silvio Micali, offering fast, secure, and scalable transactions with low fees. It serves as a means of payment, store of value, and facilitates decentralized applications, asset tokenization, and smart contracts. The Algorand Foundation oversees its development and maintenance.
The Algorand has a Total Value Locked of $90.72 Million and also the market cap of the crypto is $1.51 Billion. Moreover, the market cap ranking of the crypto is #61 in the global cryptocurrency market.
Over the last 24 hours, a decline in the market cap and the trading volume of the crypto can be seen. This has resulted in a decline of 5.2% in the market cap of the crypto and the traded volume of the crypto has witnessed a decline of 1.6%.
The value of the traded volume for Algorand in the last 24 hours is $61.036 Million which further results in a volume/market cap ratio of 4.02%. Currently, 81% of the maximum supply of the Algorand crypto is circulating in the market.
The circulating supply of the crypto is 8.141 billion ALGO and the total supply and maximum supply of the crypto are the same resulting in 10.0 billion ALGO. The following data further results in a fully diluted market cap of $1.864 Billion.
As per CoinCodex the sentiment of the Algorand is bearish and price action is also depicting the same. The fear and greed index further is at 67 which indicates greed among the investors.
Derivatives Data Overview Of ALGO Crypto
The derivatives trading volume of Algorand has witnessed a slight advance of 4.69% over the last 24 hours against which the open interest has declined by 10.7%. Also, the value of the derivatives traded volume of the crypto is $79.22 Million.
Furthermore, the sellers can be seen winning over the price as higher long liquidation on the given chart can be seen. Also, in the last 24 hours a higher long liquidation of $115.63K is recorded and the short liquidation is worth just $3.11K.
ALGO Crypto Technical Analysis
Formation of lower low swing on the daily chart of the ALGO crypto can be seen followed by equal highs. The price of the crypto further declined to the lower levels by forming an evening star pattern.
The following price action of ALGO crypto shows a higher possibility of further decline in the price in recent times.
ALGO/USD Chart by TradingView
The 20 and the 50-day period EMAs are trading in a death cross and the price of the ALGO crypto further has declined below the following EMAs including the 200-day EMA. The price of the crypto further also has completed the retracement cycle.
The MACD and the signal line are trading in a bullish cross but both the metrics have declined below zero line and trading in negative territory. Furthermore, the bullish histograms are diminishing indicating the fading interest of buyers in crypto.
The RSI is also following a bearish cycle and has hit the oversold zones. Following this, the RSI retraced to the 50-level and is again continuing the decline.
Summary
Algorand displays a strong bearish sentiment, with declining open interest and market cap. Despite the high TVL and a moderate volume/market cap ratio, the crypto is under downward pressure. Derivatives data show sellers dominating, with technical analysis indicating potential further declines, supported by bearish MACD and RSI signals.
Technical Levels:
- Support Levels: $0.120 and $0.1580
- Resistance Levels: $0.2480 and $0.2800
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.