- The volume activity has witnessed a decline in Algorand.
- ALGO has performed negatively when compared to its token sale price.
Algorand is a decentralized, permissionless blockchain protocol and cryptocurrency designed by Silvio Micali, a Turing Award-winning professor at MIT.
It enables fast, secure transactions with low fees and scalability, serving as a means of payment, store of value, and platform for dApps, asset tokenization, and smart contracts.
From press time, the last 24 hours for the crypto have been very boring as the price of the Algorand crypto has witnessed a slight increase of 0.83%. This is followed by a decline of 12% in its traded volume.
At the time of writing, the market cap value of the Algorand is $1.563B, which makes it the 61st largest cryptocurrency in the global crypto market as per CoinMarketCap.
The liquidity of the Algorand crypto can be considered medium as the value of the traded volume for the crypto is $45.057M in the last 24 hours from the time of writing. The following phenomenon has resulted in a volume/market cap ratio of 2.89%.
As of press time, 81.45% of the total crypto supply is in circulation, while the supply inflation of the crypto is also high, resulting in 12.71%. This results in a fully diluted market cap of $1.92B.
The cryptocurrency market has a maximum supply of 10.0B ALGO, and the total supply of crypto is the same as the maximum supply.
The price of the ALGO token is further considered highly volatile as the volatility of the crypto is 11.91%, as per Coincodex.
Moreover, the market cap dominance of Algorand is 0.07%, and the sentiment is bearish, following which the fear and greed index shows greed among the investors.
Recent Derivatives Activity Witnessing Battle Between Bulls And Bears
The derivatives trading volume of Algorand crypto has declined by 14.6% in the last 24 hours compared to press time. This shows the decline in trader activity, following which the open interest has slightly advanced by 1.27%.
The bulls and bears can be seen struggling further as the long and short liquidation for the crypto is almost the same.
Moreover, the recorded long liquidation for the Algorand crypto is worth $6.10K, whereas the short liquidation of the crypto is worth $6.36K. Also, the long/short ratio of the crypto is $6.36K.
ALGO Crypto Technical Analysis
The ALGO crypto price is trading in the middle of the pit as the double top is formed on the higher side, and the price further is taking support from the lower levels.
The formation of the lower highs on the chart follows the price behavior. This shows that the major trend of crypto is bearish, and the market currently dominates bears.
A large wick candle can be seen on the daily chart of the ALGO crypto, which further shows that the buyers have been unable to sustain the higher levels. This shows that there is a higher probability of a breakdown in the price of the crypto.
The following price action shows that investors need to wait patiently for the price of the ALGO crypto to break in either direction.
ALGO/USD Chart by TradingView
The 20-period and the 200-day EMAs have formed a bearish cross on the charts, which shows that the crypto trend is changing to bearish.
The price has hit the 200-day EMA and is trying to reverse to higher levels. If the price breaks further above the 200-day EMA, uncertainty in the price might be witnessed.
The Bollinger band has further contracted on the charts, indicating the possibility of a rise in volatility in crypto.
The MACD and the single line are trading below the zero level, which shows the bearish trend in the crypto. The following metrics are currently trading in a bullish crossover, which means the crypto is in no trading zone.
The RSI is facing resistance at the 50 level and has been sustaining below the same, showing weakness in the crypto price.
Summary
Algorand is facing a bearish sentiment, with declining volume and negative performance compared to its token sale price. The market cap sits at $1.563B, with medium liquidity.
Derivative activity shows a battle between bulls and bears. Technical analysis indicates a bearish trend, suggesting caution for investors as the price remains uncertain.
Technical Levels:
- Support levels: $0.1220 and $0.160
- Resistance levels: $0.245 and $0.2850
Disclaimer
This article is for informational purposes only and provides no 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.