ALGO, an altcoin by the Algorand blockchain with a market cap of $1.18 billion, continues to feel the effects of the intense selling pressure that caused its price to crash last month.<\/p>\n
After trading within a narrow region from May to November that saw it establish $0.28 as its range low, the cryptocurrency devalued by 34% in December and found itself going all the way down to $0.163 \u2013 a marker that ended up being the asset\u2019s current support zone.<\/p>\n
ALGO, which has not made any significant increase in price in the last 10 days, is at the mercy of bears that are in control right now<\/a>, threatening to push the digital coin\u2019s value to $0.15 or even lower.<\/p>\n Technical indicators such as Relative Strength Index (RSI) and On-Balance Volume (OBV) are also currently favoring sellers, indicating that Algorand is headed into another bearish trajectory.<\/p>\n At the time of writing, investors and holders of the crypto asset has no reason to be happy as it remains in the \u201cred zone\u201d in all its price gauges.<\/p>\n According to latest tracking from Coingecko<\/a>, ALGO is changing hands at $0.165, nearing its newly found support zone of $0.163.<\/p>\n Over the last 24 hours, the altcoin has gone down by almost 3% and is looking at a weekly decline of 4.7%.<\/p>\n On longer time frames, Algorand has declined significantly, dumping 25.6% of its value during the last two weeks and also losing 30.4% over the last 30 days.<\/p>\n Indeed, the cryptocurrency was among the many altcoins that struggled to gain their momentum back following the effects of the market-crashing collapse of the FTX cryptocurrency exchange.<\/p>\n Guy, the pseudonymous host of Coin Bureau was recently interviewed and asked about the top digital coins that could prove to be a profitable for investors during a recession<\/a>.<\/p>\n The host named Algorand as one, saying that its blockchain has put itself in a very good and strong position for the highly anticipated coming of the next crypto bull market.<\/p>\n \u201cAlgorand is a really interesting play for the next bull market. I think we could see a lot of really cool, interesting, really successful projects develop in its ecosystem during that time,\u201d said Guy.<\/strong><\/p>\n The Coin Bureau personality also noticed that there seems to be many developments in the asset\u2019s network and there is a strong community backing it.<\/p>\n Meanwhile, Cosmos (ATOM), Arweave (AR), Osmosis (OSMO), Juno (JUNO) and Aave (AAVE) were also picked by Guy as potentially good investment in times of a recession.<\/p>\n \u2013<\/p>\n Featured image: Forkast News<\/em><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n ALGO, an altcoin by the Algorand blockchain with a market cap of $1.18 billion, continues to feel the effects of the intense selling pressure that caused its price to crash last month.<\/p>\n After trading within a narrow region from May to November that saw it establish $0.28 as its range low, the cryptocurrency devalued by 34% in December and found itself going all the way down to $0.163 \u2013 a marker that ended up being the asset\u2019s current support zone.<\/p>\n ALGO, which has not made any significant increase in price in the last 10 days, is at the mercy of bears that are in control right now<\/a>, threatening to push the digital coin\u2019s value to $0.15 or even lower.<\/p>\n Technical indicators such as Relative Strength Index (RSI) and On-Balance Volume (OBV) are also currently favoring sellers, indicating that Algorand is headed into another bearish trajectory.<\/p>\n At the time of writing, investors and holders of the crypto asset has no reason to be happy as it remains in the \u201cred zone\u201d in all its price gauges.<\/p>\nAlgorand Paints Its Charts In Red<\/h2>\n
ALGO A Viable Investment?<\/h2>\n
Algorand Paints Its Charts In Red<\/h2>\n