Tether, the company that manages the issuance of USDT, the largest stablecoin of the crypto market, has announced a shift in its focus on providing support to blockchains based on community interest. The company announced it would stop minting USDT tokens in two blockchains, Eos and Algorand, starting June 24. Tether Announces Change to Community-Driven […]
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Chart Whisperer Spots Algorand Breakout: Get Ready For A 50% Rally
Algorand (ALGO), the blockchain platform known for its speedy transactions and energy efficiency, has caught the eye of crypto analysts. Popular analyst ZAYK Charts identified a potential paradigm shift for ALGO, pointing to a price breakout on the 12-hour chart that could propel the token 40-50% higher.
Algorand: Breaking The Resistance Barrier
Technical analysis, a realm where chart patterns and indicators guide investment decisions, has become a popular tool in the cryptocurrency space. ZAYK Charts noticed a significant development for ALGO – a breakout from a trendline on the 12-hour timeframe.
This trendline resistance level had previously acted as a ceiling for the token’s price. The successful breach of this resistance is seen as a bullish signal, suggesting a potential shift in momentum towards a price increase.
$ALGO Trendline Breakout is Already Done,In 12H Timeframe
Expecting 40-50% Bullish Wave
#ALGO #ALGOUSDT #Algorand #Crypto pic.twitter.com/fY4CCmg38C
— ZAYK Charts (@ZAYKCharts) May 25, 2024
Volume Speaks Volumes
Breakouts alone aren’t always the most definitive indicators. To strengthen the bullish case, ZAYK Charts emphasizes a crucial supporting factor – increased trading volume. Imagine a surge in trading activity like a crowded stock exchange. In the context of cryptocurrencies, higher volume during a breakout suggests increased buying pressure from investors, further bolstering the likelihood of a sustained price rise.
The Technical Arsenal Weighs In
ZAYK Charts doesn’t stop at the breakout and volume. The analyst examines deeper, citing positive momentum oscillators as additional evidence for a potential ALGO bull run. Momentum oscillators are technical indicators that measure the speed and strength of price movements. Positive readings on these oscillators suggest that the current uptrend has enough power to continue pushing prices upwards.
While the technical analysis paints a rosy picture for ALGO, it’s important to remember the inherent volatility of the cryptocurrency market. Unlike traditional assets with established regulations and underlying fundamentals, cryptocurrency prices can be influenced by a wider range of factors, including news events, social media sentiment, and even celebrity tweets.
A Look At Algorand’s Ecosystem
Technical analysis provides valuable insights, but it shouldn’t be the sole factor driving investment decisions. Investors should also consider the overall health and development of the Algorand ecosystem. Is there active development on the platform? Are there any upcoming partnerships or product launches that could drive adoption and increase demand for ALGO tokens?
ALGO’s Future: Soaring High Or Grounded By Reality?
The coming days will be crucial for ALGO. If the token can maintain its momentum and establish itself above the broken resistance level, the predicted 40-50% price surge might become a reality. However, if the bulls lose steam and the price falls back, the breakout narrative could be quickly forgotten.
Featured image from Forkast News, chart from TradingView
Battle Of Networks? Algorand Pokes Fun At Bitcoin, Ethereum, And Solana In New Ad
Algorand Foundation’s new ad criticized Bitcoin, Ethereum, and Solana for their efficiency. The ad received mixed reactions from the crypto community and sparked a conversation about the art of advertising crypto products.
Algorand, The Only One “Delivering”
Algorand’s latest ad has sparked controversy for “dissing” three networks. Titled “When Blockchain Meets The Real World, Only One Can Deliver,” the ad features a classic grocery store checkout line format.
The video shows three customers trying to pay for groceries with crypto: Bitcoin, Ethereum, and Solana. During the ad, the three shoppers have problems with their respective transactions, seemingly suggesting that the rival networks are unsuitable for everyday use.
The customer using Bitcoin had to wait 27 minutes for the transaction to be completed; the one paying with Ethereum was told the transaction fees were 2, and the Solana payer had his transactions repeatedly failing. All three issues in the ad are common criticisms that the three targeted networks receive.
The commercial then shows the next checkout line, with buyers using Algorand as a payment method. As this line moves quickly, the video displays text stating “Instant Finality. Low Fees. Designed for the speed of life.”
The ad finished with the cashier saying, “Should have shopped with Algorand,” and Anthony Scaramucci, investment guru and founder of SkyBridge, asking how to get in the fast-moving line.
The Crypto Ads Conundrum
The video received mixed reviews from the crypto community. Many applauded the ad, stating that Algorand is the future of Layer-1 and payments. One X user said:
I can’t stress enough how much the Algorand Foundation does compared to others. All the meetings, tweets, events, etc…this isn’t happening on other chains!
However, the negative responses didn’t take long to follow. Several community members considered the jab at other chains an unnecessary and “embarrassing” attack. A user jokingly claimed that Algorand achieved an “impossible goal” with the ad: “uniting all the factions of crypto to dunk on you.”
Crypto commentator Zach Rynes considers that this type of marketing doesn’t make sense as he is unsure who it appeals to. In an X post, Rynes explained that the ad would leave the wrong impression on non-crypto people.
To him, the video will make the public think that “crypto sucks,” not knowing that the ad is for crypto. The commentator believes it’s a “lose-lose either way” since “Crypto-native people will see this as unnecessarily combative.”
Similarly, Mert, CEO of Helius Labs, brought up a point repeated by several community members. Mert criticized Algorand for spending money on an ad when its “top two explorers [are] going out of business due to no funding.”
Moreover, he seems to consider the jab at other networks ironic when Algorand’s got its “entire economic security flipped by two dog coins on Solana (WIF + BONK).”
Cardano Joins The Advertisement Conversation
Despite the criticism, the discussion also sparked interest in the ADA community. X account ADA Whale praised the commercial for being funny.
Another community member tagged Cardano founder Charles Hoskinson in the video, suggesting he should start looking for a marketing team to promote Cardano. The user cited the US government’s U-turn, possibly bringing regulatory clarity, as a decisive factor.
This is not the first time Cardano has received criticism over its marketing approach. In March, the conversation sparked when the “Cardano Girls” video became viral.
Content creator Lily Brodi suggested that despite having the technology aspect figured out, Cardano has an “unattractiveness problem.” This problem prevents a broader audience from entering its community and adopting the technology.
Ultimately, crypto ads remain a hot topic and a useful tool for the industry. Whether users find them “cringy” or “unnecessary” sometimes, they have the potential to help with broader adoption through educational and entertaining crypto-related content.
Algorand Market Cap And TVL Skyrocket As ALGO Faces Critical Support Test
Blockchain platform Algorand achieved notable gains in key metrics during the year’s first quarter (Q1), aligning with the overall upward trend observed in the crypto market ecosystem.
However, despite this growth, its native token ALGO experienced a 22% price decrease since the beginning of Q2, putting a critical support line to the test and raising questions about the cryptocurrency’s prospects.
Algorand Revenue Skyrockets
According to a report by Messari, Algorand’s revenue witnessed a substantial 1,747% quarter-on-quarter (QoQ) surge, primarily driven by a 288% increase in transactions and a 50% rise in the average price throughout the quarter. The Orange memecoin project also contributed to this growth.
In Q1 2024, ALGO’s commitment to governance on the Algorand platform declined by 60% year-on-year (YoY) and 3% Quarter-on-Quarter, reaching its lowest level in a year at 1.7 billion ALGO staked.
Per the report, this downturn can be attributed, at least in part, to the diminishing governance rewards allocated per governance period. For example, governance participants received 68.2 million ALGO in Q1 2023, but this figure dropped significantly to only 21.9 million ALGO in Q1 2024.
The market cap for stablecoins on the Algorand platform declined 6% QoQ to million. Circle’s USDC market cap on Algorand decreased by approximately 9% QoQ to million.
In contrast, Tether’s USDT stablecoin market cap remained stable during the same period with no QoQ change, although it recovered 2% of the stablecoin market share.
Consequently, USDC’s market share decreased by 3% to 68% QoQ, while USDT’s market share increased by 2% to encompass 30% of Algorand’s total stablecoin market cap.
Algorand’s DeFi TVL And Market Cap Lead The Pack
Algorand’s total decentralized finance (DeFi) total value locked (TVL) witnessed growth for the second consecutive quarter, rising by 9% QoQ to 0 million.
Although TVL experienced a decline in Q3’23 due to Algofi’s deprecation, the entire DeFi market on Algorand rebounded and surpassed Q2’23 levels, nearly reaching the levels seen in Q1’23.
Folks Finance retained its position as the top DeFi protocol by TVL on Algorand. Even though its TVL fell by 5% QoQ in Q1, it maintained just over 50% market share.
Pact and Tinyman also demonstrated noteworthy gains, capturing approximately 15% and 18% of the DeFi TVL market share in Q1. AlgoRai Finance experienced the most substantial growth, with a remarkable 53% increase in its TVL QoQ.
Lastly, during Q1, Algorand’s market cap expanded by 18% QoQ, reaching .1 billion. The global crypto market cap also witnessed significant growth during the same period, nearing all-time highs of around trillion, denoting a 50% increase from the previous quarter.
Although Algorand capitalized on this upward trend with an 18% increase in its market cap, it experienced a more substantial surge of 123% in the preceding quarter.
Testing Key Support Levels
ALGO’s performance in the early stages of the second quarter has been predominantly bearish. Currently, the token is trading at .1935, with a possibility of further testing the support line at .1904. A breach of this level could lead to a continuation of the decline towards the next support at .1789.
On the upside, the .1988 zone presents a significant resistance level for ALGO. Notably, the token has attempted to surpass this threshold three times in the past 10 days without success.
Featured image from Shutterstock, chart from TradingView.com
Algorand CEO’s X Account Hacked, Is Justin Sun Involved?
On Thursday night, Algorand CEO Staci Warden’s X Account (formerly known as Twitter) was compromised. Since then, the crypto community and the hacker have been having a back-and-forth conversation.
Justin Sun Will Boost Algorand To “New Heights”
Algorand Foundation’s X account was the first to inform about the hack and advised users to be careful when interacting with the compromised account or any link promoted by it. The hacker then took Staci Warden’s compromised account to start a series of controversial posts and replies.
The hacker called Algorand’s community “poor” in the initial post, later suggesting it would be better for the community if they “sold ALGO and instead bought Ether.” Both posts have amassed a combined total of 150,000 views and, as it’s worth noting, contain racial slurs.
Additionally, the hacker offered a fake airdrop giveaway, claiming they would send “1 $ETH for every % $ALGO drops this week.” While following some users’ petitions, the hacker shared music and changed the account’s bio, claiming that Warden had exited Algorand Foundation and had become a “semi-professional pole dancer.”
Most notably, a fake story was shared in the account narrating a call with Tron founder Justin Sun, referred to as “his excellency” by the hacker. In the fake story, Sun promised to take Algorand to “new heights” under the condition that Algorand’s CEO gave total control over the network and allowed Sun to mint any token to back TRUE USD (TUSD).
A sarcastic comment insinuating that Sun’s projects will be the reason behind “the next major financial collapse in crypto” closed the story.
Just when I thought it was all over for Algorand — my phone rang — it was his excellency. Justin told me that he would boost Algorand to new heights by launching TUSD (TRUE USD) and VRUSD (VERY REAL USD) on Algorand, and all I had to do was agree to give him total control over… pic.twitter.com/Rr9K28uGwh
— staci.algo (@StaciW_DC) January 26, 2024
Algorand CEO Criticized By The Community
The original announcement about the hack and the different posts shared on the compromised account ignited comments from the crypto community. Most users took the incident with humor, while others have taken the opportunity to express their discontent with the CEO.
One user claimed that Algorand CEO “qualifies to be an intern” at the Securities and Exchange Commission (SEC), clearly referencing the recent hack to the SEC’s X account suffered and resulted in a false report about the approval of spot Bitcoin ETFs.
Similarly, known crypto sleuth ZachXBT shared his thoughts about the hack, “Unpopular opinion: Staci hacker would make a better CEO for Algorand Foundation.” To which the hacker jokingly replied, “Hey bro, I just send you ,000. Keep up the good work for this industry, buy your mom some flowers, and take your father out for a nice dinner,” referencing a previous X post informing the crypto detective of a donation made about a week ago.
No further posts have been shared in the last hours, but the account appears to still be under the hacker’s control, as none of the posts have been taken down, and there’s no official statement about the account’s recovery.
As reported by NewsBTC, ALGO outperformed the general crypto market growth in Q4 2023, experiencing an increase in market capitalization, transaction volume, revenue, and user adoption. ALGO’s prince trades at .1652, a 3.18% surge in the last 24 hours.
Algorand (ALGO) Stuns In Q4: Market Cap Soars, TVL Doubles, And User Base Skyrockets
According to a recent report by Messari, smart contract platform Algorand (ALGO), showcased notable growth and outperformed the general crypto market during the fourth quarter of 2023.
Algorand Outperforms Crypto Market Growth
Per the report, Algorand experienced a surge in market capitalization during Q4 2023, with a significant growth rate of 123%. This substantial increase can be attributed to the overall positive momentum of the crypto market, which witnessed a 53% growth in market capitalization during the same period.
Transactions on the Algorand network also saw a significant uptick, increasing by 58% quarter-on-quarter (QoQ). Consequently, fee revenue rose by 60%, reaching its highest level in a year when measured in ALGO terms, while revenue in USD terms surged by an impressive 143%.
According to Messari, Algorand’s success can be attributed to its “thriving” ecosystem, which saw the launch of multiple innovative applications in Q4 2023. These applications covered diverse areas such as regulated and programmable euro, tokenized farmland, and a developer marketplace for selling code snippets.
The introduction of these applications further solidified Algorand’s position as a “dynamic and versatile” platform, attracting users from various domains, according to the report.
Moreover, Algorand witnessed a substantial increase in user adoption during Q4 2023, with the addition of 1.9 million new addresses, representing a 72% QoQ growth.
The platform also experienced a surge in transaction volume, with transactions surpassing 5.5 million towards the end of the quarter, marking the highest number recorded in the past year. Notably, ALGO transactions increased by 43% QoQ.
Messari further suggests that the rise in transactions can be attributed to the popularity of sticky applications like Lofty.ai, which boasted over 7,000 monthly active users, and TravelX, which issued over 2 million NFT plane tickets, with over 1 million issued in Q4 alone.
Decrease In Staked ALGO
Despite growth in key metrics, the report highlighted a decline in the amount of staked ALGO during Q4, with a 49% year-on-year (YoY) decrease. Messari attributed this decline to the reduction in rewards per governance period.
The diminishing rewards indicate a preference among users to utilize the native asset for transactions rather than committing it to governance. This is further supported by the notable 58% QoQ increase in transactions on the Algorand network.
Similarly, Algorand’s stablecoin market cap experienced a steady decline throughout the year, with a QoQ decrease of 43% and a YoY decrease of 74%.
Notably, Tether’s USDT stablecoin experienced a more severe fall on Algorand, with over 0 million withdrawn in Q3. However, Quantoz launched EURD on Algorand, issuing over 1 million euro-backed tokens in Q4, contributing to 1.4% of the stablecoin market cap on the platform.
Despite previous declines, Algorand’s decentralized finance (DeFi) total value locked (TVL) witnessed a significant growth of 109% in Q4 2023.
The platform’s DeFi ecosystem rebounded from a recent downturn, reaching its second-highest level in the past year, with a 12% YoY increase. Notably, Folks Finance experienced substantial growth, doubling its market share value from 55% to 58%, while Pact and Tinyman accounted for approximately 14% of each of the DeFi TVL market share in Q4.
As of the latest update, the ALGO token is currently trading at .1753. It has experienced significant declines across various time frames, with notable decreases of 8.7%, 12.4%, and 18.5% in the past fourteen days, thirty days, and one year, respectively.
Featured image from Shutterstock, chart from TradingView.com
ALGO Blows Up To 42-Week High, Delighting Algorand Fans
Known for being a blockchain technology pioneer, Algorand (ALGO) has seen ups and downs in the cryptocurrency market. Over the past week, there has been a notable 20% surge in the value of the Algorand token, which also translates to a 42-week peak.
According to data from Coingecko, ALGO was trading at .232 at the time of writing, with a significant 24-hour trading volume of 0 million.
Algorand’s Rise: Blockchain Advancements And Market Surge
The Algorand network, also referred to as “blockchain3.0,” prioritizes security and decentralization while addressing significant scaling problems that have beset earlier blockchain systems like Bitcoin.
Algorand’s cutting-edge blockchain technology, which is well-known for its quick transactions and function in smart contracts, is what is driving ALGO’s growth. Its price increase over the weekend represented a 90% rise in the last month.
Algorand’s digital network and protocol give it a significant technological advantage that makes it a vital role in improving the financial system’s efficiency.
Algorand is a significant player in the market, presently ranked 43rd, with a current market value of more over .85 billion. There are already 8 billion tokens in circulation on the network, which is a sizeable fraction of the 10 billion token maximum supply.
This position takes into account the platform’s usage of a significant percentage of its token allocation as well as its presence in the cutthroat cryptocurrency market.
“We’re just getting started,” cryptocurrency enthusiast “Aj” said, expressing excitement about ALGO’s recent resurgence. According to Aj’s technical analysis, the .28 mark is crucial for turning resistance into support and launching the token on a long-term upswing.
A number of important underlying developments support a long-term Algorand comeback.
By collaborating with the UNDP to establish the Algorand Blockchain Academy, the Algorand Foundation has demonstrated its dedication to blockchain education and transparency, which could enhance ALGO’s position in the market.
Algorand’s Tech Triumphs Amid Market Variability
Updates that are significant and solidify Algorand’s position as a top blockchain are supporting its comeback. Algorand released AlgoKit 1.8.2 last week, a significant update that supports Python template support in dev tools to speed up application development.
Welcome AlgoKit 1.8.2
In the latest release, we present to you:
1⃣ Python Template
Play around with the dev experience that you’re used to, give us feedback!2⃣ AVM Debugger for VS Code @code
Thank you to the @Algorand team for the amazing work done on the debug adapter… pic.twitter.com/YNt9fmFsgN— Algorand Developers (@algodevs) December 20, 2023
Another addition to the update is a debug adapter that enables in-depth analysis of transaction execution.
In terms of smart contract throughput, Algorand has outpaced other leading Layer 1 (L1) blockchains, such as Solana, BNB Smart Chain, Avalanche, Polygon, Celo, and Ethereum, as seen in the figure below.
Algorand has remarkable technology, but its performance in the market is inconsistent. The blockchain platform exhibits creativity and state-of-the-art solutions, but the market’s reaction has been a mixed bag of positive and negative developments.
The potential of Algorand draws investors who have to traverse a volatile cryptocurrency market, which complicates their decision-making process. Investors must navigate this complex relationship between market dynamics and technological superiority with caution.
Featured image from Shutterstock
UNDP and Algorand Foundation to Launch Blockchain Academy in Q1 of 2024
The United Nations Development Programme together with the Algorand Foundation are set to launch a blockchain academy in the first quarter of 2024. The objective of the academy is to provide the UNDP’s employees “with knowledge and insights into the applications of blockchain technology.”
Course Material to Be Made Available to Staff Members of Other UN Agencies
The United Nations Development Programme (UNDP) recently announced that it will launch the Algorand Blockchain Academy in 2024. The academy aims to provide the UNDP’s 22,000-plus employees “with knowledge and insights into the applications of blockchain technology.”
Robert Pasicko, the agency’s expert for alternative finance and low-carbon development, said that the academy will offer a curriculum that is comprised of “recorded lectures, interactive workshops, and hands-on assignments.” The course will also be available to staff members of other UN agencies.
Remarking on the academy’s potential role in helping to bring UNDP workers up to speed with modern technologies, Pasicko said:
“The Algorand Blockchain Academy will be instrumental in equipping our team with the tools needed to address complex global challenges using blockchain technology.”
Using Blockchain to Achieve Sustainable Development Goals
Doro Unger-Lee, the head of education and inclusion at Algorand Foundation, stated that his organization considers the education initiative as an important first step “toward identifying and delivering actionable” blockchain solutions. Lee added that these solutions can potentially help the United Nations Development Programme (UNDP) “achieve the sustainable development goals [SDGs] in a number of areas.”
According to the press statement, the academy’s initial phase or beta iteration is set to begin in the first quarter of the coming year. Some of the focus areas of the academy’s course include the use of blockchain in narrowing the financial exclusion gap, supply chain transparency, real-world asset tokenization, and universal digital identity solutions.
What are your thoughts on this story? Let us know what you think in the comments section below.
Algorand (ALGO) NFT Rewards Skyrocket: Transactions Surge 320% In Q3
Algorand (ALGO), a smart contract platform employing the Proof-of-Stake (PoS) consensus mechanism, has showcased notable progress in the third quarter (Q3) of the year, as reported by Messari.
Despite facing some challenges, the platform has seen remarkable growth in its ecosystem and significant developments in various aspects of its platform.
Algorand Witnesses Surge In Transaction Volume In Q3
Per the report, the non-fungible token (NFT) Rewards program implemented by Algorand garnered notable success, leading to a significant increase of 321% in NFT-related transactions compared to the previous quarter.
This program, initiated through a governance vote in Q2, allocated 500,000 ALGO in rewards to NFT marketplace users to stimulate activity.
Furthermore, during Q3, Algorand experienced a surge in user adoption, adding 1.1 million new addresses and witnessing a 2% increase in total daily average transactions compared to the previous quarter.
However, Algorand’s total stablecoin market cap faced a decline of 58% in Q3, largely attributed to the decreasing market caps of stablecoins on the platform. Despite this, USDC (USD Coin) surpassed USDT (Tether), accounting for 76% of the stablecoin market cap.
In the decentralized finance (DeFi) space, Algofi, Algorand’s largest DeFi protocol by Total Value Locked (TVL), began winding down operations in July.
As a result, Folks Finance emerged as the dominant DeFi protocol on Algorand, capturing 55% of the DeFi TVL in Q3. Algorand’s quarterly revenue, including fees collected by the protocol, grew by 25% in ALGO terms; however, it declined by 23% in USD terms due to the daily average ALGO price.
Algorand’s governance participation experienced a decline of 8% in Q3, accounting for 30% of the circulating supply. The platform’s network upgrade in Q3 allowed for increased throughput, lower blocktime, and support for quantum-secure interoperability via State Proofs.
Looking ahead, Algorand has announced plans to launch AlgoKit 2.0, a developer-focused tooling that aims to simplify the developer experience. It also intends to shift its network topology to a peer-to-peer design and transition to an incentivized consensus economic model in 2024.
ALGO Struggles To Break Key Resistance
Regarding price action, ALGO, currently ranked 53rd among the largest cryptocurrencies in the market, has faced challenges amid the recent bullish surge in most cryptocurrencies.
The token is currently trading at .1217, experiencing a decline of over 7% in the past 24 hours. Despite this retracement, ALGO has shown impressive gains across other time frames.
Over 7 and 14 days, ALGO has recorded significant gains of 10% and 21%, respectively. The best performance was seen in the 30 days, with a surge of 28%.
However, ALGO has faced a year-to-date decline of over 62%, in contrast to most of the crypto market, where major cryptocurrencies have nearly doubled in value since the end of the crypto winter.
Moreover, ALGO has struggled to surpass its 200-day moving average (MA), a significant resistance level. This has resulted in the recent pullback, preventing the token from reaching levels not seen since July, where it reached .1364.
The future trajectory of ALGO remains uncertain. It will depend on continued developments and growth in its ecosystem to propel the token towards its yearly high of .2898, reached in February. Alternatively, ALGO may consolidate below its moving averages.
Featured image from Shutterstock, chart from TradingView.com
Algorand Explorer Powered By ChatGPT launched, Will ALGO Find Reprieve From Aggressive Sellers?
GoPlausible, a team of developers building tools for people to create and use Algorand, has launched AlgorandExplorer. This explorer fuses the capabilities of ChatGPT to ease interaction with the public, proof-of-stake blockchain. Algorand is a smart contract platform similar to Ethereum, allowing users to deploy decentralized applications (dapps).
In a Medium post on October 10, the team said the plugin aims to solve challenges facing Algorand indexers and eventually simplify exploring the smart contract platform. Ordinarily, users rely on indexers through which users can search and query the blockchain. This is because indexers have to create a searchable database holding all data, such as transactions, blocks, and more.
Besides offering an interface for users to explore Algorand, the AlgorandExplorer supports “semantic conversational searches, enriching data with logs and related transactions,” allowing on-chain searches to “reason with data” more effectively. The explorer will integrate a language translation tool, meaning users from across the globe can explore Algorand using their native language.
Still, the AlgorandExplorer is under development. Eventually, in the coming version, the GoPlausible plans to include more enhancements, including Algorand Request for Comments (ARCs) and technical documentation.
Algorand is far from the only platform investing in AI; a few months ago, Solana announced their integration of a ChatGPT plugin focused on non-fungible tokens (NFTs). The plugin, the foundation said, facilitates the buying and listing of NFTs. At the same time, it can interpret data and find the floor price of NFT collections listed on the blockchain. The floor price is the lowest price an NFT in a given collection can be sold.
The ALGO Sell-Off Continues: Will Prices Sink To New Lows?
While the move by the Algorand Foundation could see more users explore and analyze transactions on the smart contract platform, there has been no significant impact on prices. The ALGO sell-off was made worse by allegations made by the United States Securities and Exchange Commission (SEC) in June that ALGO and other coins, including Axie Infinity (AXS) and Cardano (ADA), are unregistered securities.
Presently, ALGO remains under pressure, consolidating within a tight range defined by the sell-off recorded in August. Based on that formation, the coin is technically bearish and trending within the bear bar of August 17, a bearish engulfing bar that had high trading volume.
Thus far, looking at trackers, the coin is down by over 70% in the past year of trading. From the daily chart, ALGO is also edging lower, wiping gains posted in the first week of October.
Technically, ALGO is edging closer to all-time lows registered in August, a net negative. The primary supports remain at .08. If broken in Q4 2023, the odds of ALGO sinking even lower, completely reversing gains of 2021, will be on the table.