2024

Algorand

Daily

Coin

<p>The <strong>Algorand (ALGO) coin</strong> was traded under bearish influence and continued to drop. Last week, it reached its 52 week lows around $0.1100 and guided a negative sentiment among its investors.</p> 
<p>Despite multiple attempts of bulls to break and close the 20 day EMA, sellers secured the cluster and defeated the bulls which led the follow on decline for the past sessions.</p> 
<p>Still, the<strong> ALGO coin</strong> trades below the significant moving averages and sails in the bearish course. Until it did not reclaim the $0.1800, the bear cartel continued to dominate and it would resume the <strong>underperformance</strong>.</p> 
<p>At press time, <strong>Algorand coin</strong> was trading at $0.142 with an intraday surge of 3.24%, reflecting neutrality on the chart. It has a monthly return ratio of -14.30% and 30.20% yearly, reflecting short term retracement.</p> 
<p>The pair of ALGO/BTC is at 0.00000242 BTC, and the market cap is $1.17 Billion. Analysts are bearish and suggest that <strong>ALGO </strong>may continue to drop and underperform.</p> 
<h2 class="wp-block-heading" id="h-has-algorand-algo-bottomed-out"><strong>Has Algorand (ALGO) Bottomed Out?</strong></h2> 
<p>For the past four months,<strong> <a href="https://www.thecoinrepublic.com/2024/06/29/altcoins-trading-below-1-trx-sei-algo-vet-and-xlm/">Algorand coin</a></strong> displayed bearish influence and dropped over 60% of gains from its high of $0.3200 and reached the bottom mark of $0.1100 this week.</p> 
<p>Amidst the strong downfall, the coin still did not cross the 20 day EMA and struggled below it.<br></p> <iframe loading="lazy" title="Santiment Chart: Price (ALGO), Volume (ALGO)" width="800" height="425" src="https://embed.santiment.net/chart?ps=vechain&amp;pt=VET&amp;df=2024-01-11T18%3A29%3A59.291Z&amp;dt=2024-07-11T18%3A29%3A59.291Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Balgorand%3BALGO%5D%3B%5B1%3Bvolume_usd%3Balgorand%3BALGO%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22candle%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>The <strong>RSI curve</strong> was around the midline region at 45, reflecting a positive crossover and a bounce on the chart.</p> 
<p>Notably, the coin was ranked at 69 and has a total supply value of 8.22 billion. Meanwhile, the fully diluted market cap is $1.42 Billion.</p> 
<p>@JT Media in a tweet mentioned that <strong>ALGO </strong>inflation rate is now at 3.61% and it needs a catalyst to overcome the distribution.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Current <a href="https://twitter.com/search?q=%24ALGO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ALGO</a> inflation rate is now 3.61%. <br><br>Quick stats:<br>– &gt;82% circulating supply<br>– 5 million accounts created this past year<br>– 36 million accounts total<br>– 2.16 billion transactions processed<br>– 16% supply staked for consensus <br><br>All it needs is a catalyst. <a href="https://twitter.com/hashtag/Algorand?src=hash&amp;ref_src=twsrc%5Etfw">#Algorand</a> <a href="https://t.co/K1FX5LCAh8">https://t.co/K1FX5LCAh8</a></p>— JT Media (@JT__Media) <a href="https://twitter.com/JT__Media/status/1811233758676148260?ref_src=twsrc%5Etfw">July 11, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Meanwhile, the coin is in the <strong>oversold trajectory</strong> and has corrected from the highs, which conveys that the probability of a bounce was higher than a selloff.</p> 
<h2 class="wp-block-heading" id="h-social-insights-still-looks-negative-nbsp"><strong>Social Insights Still Looks Negative&nbsp;</strong></h2> 
<p>The Social Volume data witnessed no significant changes and was still below the averages, noted at 37, reflecting a decline in investor interest on the social media platforms.<br></p> <iframe loading="lazy" title="Santiment Chart: Weighted sentiment (Total) (ALGO), Social Volume (ALGO)" width="800" height="425" src="https://embed.santiment.net/chart?ps=vechain&amp;pt=VET&amp;df=2024-01-11T18%3A29%3A59.291Z&amp;dt=2024-07-11T18%3A29%3A59.291Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsentiment_volume_consumed_total%3Balgorand%3BALGO%5D%3B%5B1%3Bsocial_volume_total%3Balgorand%3BALGO%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p><strong>Social Volume Data &nbsp; Source: Santiment</strong></p> 
<p>Meanwhile, the weighted sentiment data stays in the negative trajectory, noted at -0.168, revealing that its holders have lost interest.</p> 
<h2 class="wp-block-heading" id="h-daily-active-addresses-data-noted-a-dip"><strong>Daily Active Addresses Data Noted a Dip</strong></h2> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdONd6NJdPSzVrLf_ShFLwQGBq2anc047e1VZ-1GswGfNo3v5TYH6ZEPgzjZky4NtPZDzqMa-vYNwJV6YChMVOfH9xftuVAjhsIOGY_UgglY6STKnx4-mDQm3e5jrnFnrGzGQS1OI6pQHewdWawk6y1f7Sm?key=zmXG-tOibcKl3oaB_VkYcg" alt="Algo">
 <figcaption class="wp-element-caption">
  Daily Active Addresses &nbsp; &nbsp; Source: IntoTheBlock
 </figcaption>
</figure> 
<p>In the last seven trading sessions, around 23% of active addresses have lost their interest in the coin, while only 6% new addresses were added.</p> 
<h2 class="wp-block-heading" id="h-majority-in-red"><strong>Majority In Red</strong></h2> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfSzBVucZeZBDDRKqVED810Sj-DlFoR9Xk_klHB3JX0Iwmj0WMF0NNo2mP3M_EDztQuLJ_d2aa9gN-LHk9EQh2KpJDUKJMWu4KayPOx1aIFqzi4z7i_4iYL6MkuGYKrISQoJucMPVH3z2E-ZIk2pbPvnfHb?key=zmXG-tOibcKl3oaB_VkYcg" alt="Algo">
 <figcaption class="wp-element-caption">
  GIOM Indicator Chart &nbsp; Source: IntoTheBlock
 </figcaption>
</figure> 
<p>Per the GIOM indicator, only 5% of in-the-money holders are in profit, and more than 92% of holders are still sitting on unrealized losses.</p> 
<p>As majority of the addresses were in the red, it might lead to follow on selling pressure ahead and further panic sell off could be seen ahead.</p> 
<h2 class="wp-block-heading" id="h-total-liquidations-chart-favors-bears"><strong>Total Liquidations Chart Favors Bears</strong></h2> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXc7evg52lnopM3H9PyUbosit_fhKZHsm5NYEucx7KAvkESoearT2q4tWkbE_taM-g_7nCMTf8vvFiGiCgysGQqFRUk1Lw_mS3Zrz9xLwrVdT5qNVbv9Sy3z8hKdppgoNqjBRccPhAJBl0UR2s-Y0J4QyPLa?key=zmXG-tOibcKl3oaB_VkYcg" alt="Algo">
 <figcaption class="wp-element-caption">
  Source: coinglass
 </figcaption>
</figure> 
<p>At the time of writing, the short liquidations were at $2.74k, while the long liquidations were at $5.76k, implying the bearish outlook.&nbsp;</p> 
<p>The immediate support levels for <strong>Algoran coin </strong>are $1.80 and $1.30, whereas the key upside hurdle is around $2.40, followed by $3.</p> 
<p><strong>ALGO </strong>was under the 20 day EMAt, signifying a lack of buying momentum on the chart. Trading in the negative territory, the bears have persisted in adding short positions, putting pressure on the bulls.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/12/algorand-algo-looks-bearish-could-bulls-defied-the-selloff/">Algorand (ALGO) Looks Bearish: Could Bulls Defied The Selloff?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Algorand (ALGO) Looks Bearish: Could Bulls Defied The Selloff?

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Thecoinrepublic.com

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