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ALGO still down 88% from ATH DESPITE recent 480% hike – What next?
Algorand (ALGO) has recently witnessed a phenomenal 480% increase in its price, but this surge has not been enough to lift it out of the red zone. Despite this sudden growth, ALGO is still trading at an astonishing 88% below its all-time high.
The cryptocurrency’s Open Interest has been gradually trending downwards along with spot CVD, which could be indicative of decreased capital inflows into the market.
Market Analysis
Since December, Algorand’s daily chart structure has turned bearish, with the CMF (Chandelier Moving Average) indicator displaying a decline. Additionally, the Awesome Oscillator is hinting at loss of momentum in the short-term. This suggests that the cryptocurrency may not have enough steam to propel it forward.
Historically low levels of contribution and development activity have also been observed over the past week, with no new commitments since December 10th. This lack of progress could be a crucial factor in determining the future trajectory of ALGO’s price movement.
Predictions
Based on this recent trend and market structure, it seems unlikely that Algorand will regain its former glory anytime soon. The only potential support levels to watch are the Fibonacci retracement levels at $0.36 and then possibly $0.3, followed by $0.2145.
Conclusion
Source: ambcrypto.com
