Derived from AMBCrypto, Algorand (ALGO) experienced a significant price drop of over 20% in the past week, trading at $0.371. This decline follows a previous rally that saw ALGO reach a multi-year high of $0.613. Despite the bearish trend, active addresses surged from 104,000 to 190,000 within 24 hours, as reported by IntoTheBlock. New addresses also increased from 24,000 to 95,000, indicating potential speculative activity. The profitability of active ALGO addresses fell to 16%, down from 57% two weeks prior, which may increase selling pressure. Technical indicators, such as the Chaikin Money Flow and on-balance volume, suggest rising selling activity and declining trading volumes. Algorand's Total Value Locked (TVL) also decreased from $245M to $165M over three weeks, coinciding with increased selling. Traders are advised to monitor DeFi TVL for potential trend reversals.
Algorand's Active Addresses Surge Amid 20% Price Drop
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