Algorand price suffers from a sharp change, since the crypto -extension is weakened
Algorand (Algo), the innovative network of blockchains Layer-1, fell to $ 0.3, by 53% from the highest level in December.
The constant decrease is largely associated with the deterioration of market moods in the crypto -industrial. The crypto -insurance index and greed fell from the level of extreme greed of more than 90 at the beginning of 2024 to the level of fear today 35.
In the same way, most altcoins are fighting, as reflected in the index of the Altcoins season, which fell to 44.
This decline also influenced the ecosystem of the algorod, and investors remained aside. The total cost, blocked in the Algorand decentralized financial ecosystem, has fallen today from the maximum of December in the amount of $ 244 million. USA until 114 million dollars. USA. He also fell into the terms of Algo, moving from last year’s maximum of 1.73 billion algo to 412 million.
On the positive side, Nansen data show that the active addresses of Algorand have increased by two -digit numbers over the past 30 days. The network recorded more than 2.5 million active addresses, which is 27% more than in the previous period. The number of transactions increased by 8.5% to 44.9 million. Nevertheless, the total fees collected over the past 30 days decreased by 7.9% to $ 52,300.
Analysis of algoruran prices
The weekly schedule shows that Algo was at almost three years of consolidation, trading in the support range in the amount of $ 0.0931 and $ 0.3360. He formed a scheme with a triple bottom with a neckline of $ 0.3360, a historically strong bull indicator in technical analysis.
Algorand has currently developed a small falling wedge and repeated support at 0.3360 US dollars. The wedge pattern, as a rule, signals the upcoming strong bull breakthrough. This formation is also part of the second wave of Elliott’s wave.
Consequently, the coin will probably be restored when it enters the third stage, which is usually the longest and strongest in the wave of Ellitt. If this scenario is played out, the next goal for viewing will be $ 1.4571, the recovery level of 50% Fibonacci, representing a potential profit of 400% compared to the current price. Nevertheless, the fall below the support level of 0.20 dollars will lead to the lin in the prospects of the bull.
