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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Algorand (ALGO) Posts Double-Digit Price Drops In Last 30 Days

Christian Encila
Christian Encila
2 years ago
3 mins read
Algorand

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Algorand native token, ALGO, has dropped 17% since the start of this month and has now joined the group of cryptocurrencies whose prices have tumbled by double digits this month.

  • Algorand sheds 91.30% from ATH of $3.28
  • ALGO price now trading at $0.2985
  • MFI at 17 reaches oversold zone

Away by 91.30% from its record high of $3.28, ALGO is the 30th-ranked cryptocurrency with the greatest market capitalization. 

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ALGO Price Loses 0.81% Of Value

According to CoinMarketCap, ALGO price has dipped by 0.81% or trading at $0.2953 as of this writing.

Contrary to popular belief, the Algorand chain experienced some ecosystem growth in the previous month despite a month-long reduction in the value of its coin.

On Monday, Algorand’s price increased by more than 5% and closed the day’s candle at +$0.0156.

The levels visible on the ALGO/USD 1D chart are crucial for short-term bullish traders. Since they successfully held the $0.28 barrier, bullish ALGO traders’ overhead goals are $0.3409, $0.3803, $0.4199, $0.4709, and $0.5799.

The traders that have been in charge of this market over the past week are bearish Alogrand traders, who are at odds with the bulls. In order to breach the bottom of its current range at $0.2556, bearish ALGO traders want to drive the price of the algorithm below $0.27.

Source: TradingView.com

ALGO’s average price over the previous 30 days was $0.33, showing a -10.79% value drop. Algorand’s price [+5.52%] completed its daily candle on Monday at $0.298 and is back in the green. On Sunday, it had finished in the red.

The total number of addresses on Algorand was 27,769,031, as per information from its Developer page. Addresses on the network climbed by 5% over the previous 30 days.

Additionally, the value of the entire network’s fungible and non-fungible Algorand Standard Assets increased by 1% over the previous 30 days. This was 5,553,018 at the time of publication.

ALGO Transactions Dropped by 3%

Nevertheless, despite these improvements in its ecosystem, the number of transactions that were successfully completed on the network decreased over the past 30 days.

A 3% dip was noted over the timeframe period under review, with 1,074,114 transactions executed as of press time.

The coin’s Money Flow Index (MFI) was at 17 as of the time of writing and was heavily oversold.

Interestingly, despite the ALGO coin’s price continuing to fall during the past 30 days, the number of daily new addresses and daily active addresses using the coin increased throughout that time. 

In fact, the ALGO network saw an increase in new addresses of 830.47% over the previous week. Also, daily active addresses trading ALGO coins increased by 251.50% throughout the same time frame.

Despite these outstanding on-chain achievements, weighted sentiment showed that the market as a whole was still dubious.

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ALGO total market cap at $2 billion on the daily chart | Source: TradingView.com

Featured image from Crypto Economy, chart from TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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The highest standards in reporting and publishing
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