CandleFocus ALGO Activity Surges: Can Traders Capitalize on Algorand’s Rally?
2024-12-21
Author: Content Editor
The price of Algorand (ALGO) has dropped over 20% in the past week, reversing the bullish trend that saw it reach a multi-year high earlier this month. Despite the price decline, there has been a notable increase in active and new addresses, which could indicate either traders liquidating their holdings or new participants speculatively trading. The profitability of active addresses has also decreased significantly, suggesting that many traders who participated in the recent rally are now selling off to secure profits or mitigate losses. Technical analysis indicates rising selling pressure and a bearish market trend. The Total Value Locked (TVL) in Algorand's DeFi ecosystem has also decreased significantly, aligning with increased selling pressure. Traders and investors should closely monitor these factors as they could influence Algorand's future price movement.
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