Algorand native coin, ALGO has lost 17% over the past month. This month, it has joined the list of cryptos whose prices dropped by double digits.
- Algorand loses 91.30% on ATH of 3.28
- ALGO prices now at $0.2985
- MFI at 17 moves into the “oversold” zone
ALGO has dropped 91.30% off its record high at $3.28 and is now the 30th-ranked cryptocurrency in terms of market capitalization.
ALGO Price Loses 0.81% Of Value
Based on CoinMarketCapAs of writing, the ALGO price had fallen to $0.2953 or 0.81%.
Contrary to what many believe, Algorand saw some ecosystem growth in its previous month, despite the long-term decline in coin value.
On Monday, Algorand’s price increased by more than 5% and closed the day’s candle at +$0.0156.
Short-term bullish traders need to be aware of the levels shown on the ALGO/USD1D chart. 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.
This market has been dominated by bearish Alogrand trader, who have been at odds with the bulls for the past week. Bearish ALGO traders are trying to lower the price for the algorithm to $0.27 to break the $0.2556 bottom.
ALGO’s average price over the previous 30 days was $0.33, showing a -10.79% value drop. Algorand’s price [+5.52%]It completed Monday’s daily candle at $0.298, and it is now back in green. It had ended in the red on Sunday.
According to information on its Developer Page, Algorand had 27,769 031 addresses. The number of addresses on Algorand increased by 5% in the past 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. At the time of publication, it was 5,553,018.
ALGO Transactions drop by 3%
The number of successful transactions completed via the network has decreased in the past 30 day despite its improvements.
There was a dip of 3% in the period being reviewed, with 1 074114 transactions completed at 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.
The ALGO network actually saw an increase of new addresses by 830.47% in the past week. In the same time period, ALGO coins were traded by daily active addresses at a rate of 251.50%.
Even with these remarkable on-chain accomplishments, the overall market was still ambiguous. Weighted sentiment revealed this.
Source: TradingView.com| Source: TradingView.com Featured image taken from Crypto Economy chart at TradingView.com