The Algorand price has fallen for the second straight day ahead of the Coinbase listing. ALGO price is at $1.47, which is 18.65% below last week’s high of $1.8. Its total market cap stands at more than $4 billion making it the 37th biggest digital currency in the world. It sits between Avalanche and Huobi Yoken and slightly above Elrond.
Algorand news: Algorand is a blockchain project that helps developers build quality decentralized applications. It can be used to develop highly scalable DeFi projects, institutional finance products, and government CBDC projects. Today, the project is used by hundreds of companies like Circle, IDEX, Republic, and Tether.
The Marshall Islands is using its technology to build its national digital currency. Recently, the network has moved to the non-fungible token space. It is being used by SIAE, a large Italian collective organization to launch and manage its NFTs. Also, this month, Vesta Equity selected Algorand for its tokenized residential home peer-to-peer marketplace.
Today, the biggest focus on the Algorand price is the United States, which will publish the latest inflation numbers. These numbers are important because of their ability to influence interest rates in the US. Typically, risky assets like Algorand and other cryptocurrencies do well in a low interest environment.
Algorand price technical analysis
The daily chart shows that the Algorand price has been in a modest upward trend. It has formed an ascending channel that is shown in green. It has also moved above the 25-day and 15-day moving averages. Today, the price is falling below the upper side of the channel. It is also slightly above the 25-day moving average.
Therefore, in my view, there is a possibility that the Algo price will keep falling as bears target the lower side of the channel at $1.3300, which is about 10% below the current price. The price will then resume the upward trend as bulls target the all-time high of $1.8690.
Don’t miss a beat! Follow us on Telegram and Twitter.
ALGO price chart
More content
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Crispus on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.