Based on the most recent data, the meme cryptocurrency shiba inu has witnessed 410 trillion tokens burned, translating to approximately 41% of its entire circulation. Concurrently, the digital asset has experienced a recent price revival over the last four weeks. Despite shiba inu’s value dipping over 21% in the last week, the meme coin has […]
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Algorand TVL Hits $177 Million As Altcoin Rally Continues – Can ALGO Sustain This Push?
Algorand is one of the fastest growing crypto in terms of gains. According to CoinGecko, the token has appreciated by 30% in the last two weeks. With the broader crypto market rallying as Bitcoin breaks its crucial ,000 resistance, ALGO is set to gain more in the next few days.
The Total Value Locked department is where the ecosystem gained the most. According to DeFiLlama, Algorand’s TVL yesterday hit 7 million in value. This uptick in TVL is a bullish indicator that the ecosystem still has the momentum to reach new milestones.
However, the token might be on shaky ground as the bears test its current support at .2275.
Algorand Developments On-Chain
Algorand’s G6 governance commitment period ended yesterday, January 16. According to Algorand blockchain explorer, AlgoExplorer, more than 4.1 billion ALGO is staked by over 31,763 governors.
The ecosystem would pay back the governors with an annual return rate of 6.52%. This way of governance makes the Algorand ecosystem stay true to the tenets of decentralized finance. To add to this bullishness, the ecosystem also processed its 1 billionth transaction.
With the ecosystem able to handle more than 2,881 swaps on-chain, Algorand is expected to continue growing in popularity.
Did you know Algorand can handle over 10x the number of AMM swaps per second relative to #solana #Avalanche #polygon #bsc #celo #ethereum? $sol $matic $algo $bsc $eth
pic.twitter.com/7hBmduanfM
— Axetrax (@Axetrax22) January 14, 2023
Can ALGO Continue Its Climb?
The token is currently trading at .2329, a nearly 1% decrease from yesterday’s .2341 price. The rejection at .2418 would delay ALGO’s recovery. With the token’s support at .2365 broken, ALGO investors should be able to buy the current dip in price as analysts are still bullish with the token’s price movement.
With improving macro trends, investors and traders are more likely to enter riskier assets like cryptocurrencies. Not to mention that Bitcoin, the face of the crypto market, has broken through crucial resistance at k. With ALGO’s high correlation to BTC, ALGO can ride Bitcoin’s rally to reach higher highs.
Investors and traders should watch the current market situation of ALGO as the token’s current price position as the ecosystem has been having trouble maintaining a social presence.
ALGO holders should also watch Bitcoin’s price rise in the next few days or weeks. The k resistance break wiped out the lost ground following the collapse of FTX. If BTC continues its bullish recovery in the next few weeks or days, ALGO can ride the upward wave.
But with the token facing a slight correction, this bullish break might be delayed as the bears retest the current support at .2275. If the bears win the struggle, the token’s recovery will inevitably be delayed.
Featured image from ThoughtCo
Algorand TVL Hits $177 Million As Altcoin Rally Continues – Can ALGO Sustain This Push?
Algorand is one of the fastest growing crypto in terms of gains. According to CoinGecko, the token has appreciated by 30% in the last two weeks. With the broader crypto market rallying as Bitcoin breaks its crucial ,000 resistance, ALGO is set to gain more in the next few days.
The Total Value Locked department is where the ecosystem gained the most. According to DeFiLlama, Algorand’s TVL yesterday hit 7 million in value. This uptick in TVL is a bullish indicator that the ecosystem still has the momentum to reach new milestones.
However, the token might be on shaky ground as the bears test its current support at .2275.
Algorand Developments On-Chain
Algorand’s G6 governance commitment period ended yesterday, January 16. According to Algorand blockchain explorer, AlgoExplorer, more than 4.1 billion ALGO is staked by over 31,763 governors.
The ecosystem would pay back the governors with an annual return rate of 6.52%. This way of governance makes the Algorand ecosystem stay true to the tenets of decentralized finance. To add to this bullishness, the ecosystem also processed its 1 billionth transaction.
With the ecosystem able to handle more than 2,881 swaps on-chain, Algorand is expected to continue growing in popularity.
Did you know Algorand can handle over 10x the number of AMM swaps per second relative to #solana #Avalanche #polygon #bsc #celo #ethereum? $sol $matic $algo $bsc $eth
pic.twitter.com/7hBmduanfM
— Axetrax (@Axetrax22) January 14, 2023
Can ALGO Continue Its Climb?
The token is currently trading at .2329, a nearly 1% decrease from yesterday’s .2341 price. The rejection at .2418 would delay ALGO’s recovery. With the token’s support at .2365 broken, ALGO investors should be able to buy the current dip in price as analysts are still bullish with the token’s price movement.
With improving macro trends, investors and traders are more likely to enter riskier assets like cryptocurrencies. Not to mention that Bitcoin, the face of the crypto market, has broken through crucial resistance at k. With ALGO’s high correlation to BTC, ALGO can ride Bitcoin’s rally to reach higher highs.
Investors and traders should watch the current market situation of ALGO as the token’s current price position as the ecosystem has been having trouble maintaining a social presence.
ALGO holders should also watch Bitcoin’s price rise in the next few days or weeks. The k resistance break wiped out the lost ground following the collapse of FTX. If BTC continues its bullish recovery in the next few weeks or days, ALGO can ride the upward wave.
But with the token facing a slight correction, this bullish break might be delayed as the bears retest the current support at .2275. If the bears win the struggle, the token’s recovery will inevitably be delayed.
Featured image from ThoughtCo
Ethereum Flag Pattern Risks Plunge Towards $177; Here’s Why
Ethereum is facing risks of undergoing a massive plunge as it partially confirms a bearish flag pattern.
The technical setup appears after an asset forms a consolidation channel upward following a strong bearish move. The downward movement is called flagpole, while the consolidation is referred to as the “flag” itself. Ethereum is forming the same pattern, as shown in the chart below.
ETH/USD is consolidating in an upward channel. Source: TradingView.com
The second-largest cryptocurrency is forming a flag pattern followed by a large slope downwards – a flagpole whose maximum height is near 8. Thereby, if ETH/USD breaks below the upward channel support, then it is at the risk of declining by as much as 8 from the point of breakdown.
That is, at least, according to the technical description of a Bearish Flag pattern. If ETH/USD breaks to the downside today, then its primary downside target sits at 7. Nevertheless, breaking down from a higher level will naturally lift the Flag target as well.
A Bearish Flag, meanwhile, is never 100 percent accurate. For instance, if the upward channel retracement extends beyond 50 percent, then there is a less likelihood of bearish continuation and more of an extended uptrend. Ideally, the bounce back to confirm a Bearish Flag should be no more than 38 percent.
Fib Retracement
The graph below shows an accurate description of the Ethereum’s retracement following its move from 8-high to 3-low.
Ethereum price targets in a Bear Flag pattern. Source: TradingView.com
The price has reversed once from the 38.2% level of the graph at circa 6. Meanwhile, it has spotted good support near the 23.6% level at near 2. ETH/USD is currently attempting to retest 6 as its interim long target while eyeing a continuation towards the 50% level at circa 6.
Such a move may end up invalidating the Bearish Flag altogether, putting ETH/USD en route to a breakout move towards 5, 3, and so on.
Supportive Ethereum Fundamentals
A looming Bearish Flag crisis also eyes negation with supportive on-chain metrics. It is the data on the Ethereum blockchain that observers study to guess investors’ sentiment for the cryptocurrency.
Konstantin Anissimov, Executive Director at CEX.IO, mentioned one of such metrics in his weekly note to clients. The analyst noted that Ethereum’s 36 percent price correction brought ample opportunities for whales to buy the token for cheap.
“Data reveals that roughly 68 new addresses holding between 1,000 to 10,000 ETH joined the network during the market-wide correction,” he noted.
Meanwhile, a pseudonymous trader expected Ethereum to drop further if it closes the week below 0. The comment came on Sunday whereby ETH/USD plunged to as low as 5 but closed near 5. That showed a short-term bias conflict in the market.
If the pair plunges back below 0, then it would continue to play out the Bearish Flag narrative.