- Investors’ behavior and network statistics are now disappointing.
- ALGO did not see a surge in value in November instead of remaining stable.
In most cases, the upward price movement of a cryptocurrency is the primary reason for its success in the market. According to this storyline, Algorand has resisted it. As a result, ALGO has failed to lift investors out of the gloom. ALGO’s trek to the south looks to be far from over. Since September, the altcoin’s price has been declining on the charts. In contrast to other cryptocurrencies, ALGO did not see a surge in value in November instead of remaining stable.
The coin was in serious trouble by December, and January rolled around. In reality, Algorand’s problems were exacerbated by developments in the larger market over those two months. It was 68 percent lower than ATH at the time of this publication.
Bears Look to Make a Strong Comeback
Algorand’s stock is now trading at $0.76, suggesting that the company is ready to disappoint investors even more. According to market activity, all signs point to more red candles in the future. As long as they stay above the candles, the Parabolic SAR’s white dots will remain. Because the ADX is on the edge of breaking 25.0, the downtrend is being supported by the growing strength of the indicator.
Furthermore, Algorand is now in a bearish squeeze suggests that the price may be headed down. As a result, Algorand’s price may fall as low as $0.68, or 11.36 percent below where it now sits. In addition, investors’ behavior and network statistics are now disappointing. On-chain transaction volume has dropped dramatically. Since there is no sign of a turnaround, most investors aren’t motivated to get involved right now.
