The price of Algorand (ALGO) has experienced a sharp decline, falling 53% from its peak in December, due to worsening market sentiment in the crypto industry. The overall decline in the market has also impacted Algorand's ecosystem, with a decrease in the total value locked in its decentralized finance ecosystem. However, there are positive signs as Algorand has seen a rise in active addresses and the number of transactions. The weekly chart indicates the possibility of a bullish breakout, with a target price of $1.4571, representing a potential 400% gain. However, a drop below the $0.20 support level would invalidate this outlook.



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