Algorand (ALGO) Price Market Trends Overview

The token's market capitalization increased 6.8% on the last day, with a notable spike in ALGO price. It brought its total market cap to $1.081 Billion

Algorand (ALGO) price experienced a rise, and the market cap saw a 6.8% increase over the past 24 hours. This occurred despite a significant decline in trading volume.

Amid this, the large token holders maintained their strong presence. Moreover, the technical indicators hinted at a potential reversal. The ALGO price further broke above the falling wedge. Read on to find out if it is the best time to acquire the token.

Key Points:

ALGO crypto price has experienced a remarkable increase in the last 24 hours and its market share has also increased.

Despite a significant decline, trading volume pushed liquidity to lower levels.

Technical indicators indicate a possible reversal despite the formation of a death cross.

The crypto market has been volatile lately, with many of the leading tokens registering significant price movements reflecting broader market trends. In this context, Algorand price also showed an upward trend in the last 24 hours.

ALGO Price Market Trends Overview

In the last day, the token market capitalization has increased along with a notable ALGO price increase. It brought the total market cap to $1.081 billion and the token rose to 63rd place in the global crypto market.

Despite the increase in market value, liquidity remained lower. This was because trading volume decreased significantly by 52% during the same period.

In the last 24 hours, ALGO crypto trading volume reached $31,981 million. This accounted for only 2.92% of the total market value. This indicated a lower level of trading activity.

In addition, major holders showed a strong presence, with 68% of the total supply of tokens concentrated among them. Remarkably, despite having 38.064 million owners, only 5% of Algorand owners were profitable. The top 10 holders alone accounted for 21.94% of the maximum supply.

On the security front, Algorand showed its strength with a security score of 86.94 when evaluated by Certik Skynet. The token falls into the AA tier and was ranked 227th in a global security ranking. It also demonstrated its robustness within the blockchain ecosystem.

Algorand Derivatives Witness Increase in Trading Participation

ALGO crypto derivatives volume has increased by a significant 68.0% in the last 24 hours. This brings the total transaction value to $35.73 million. Remarkably, this value exceeded the token spot volume, indicating high activity in the derivatives market.

The liquidation chart for Algorand revealed a decline in recent liquidation activity. Short positions worth $17.50 thousand were liquidated in the last 24 hours. On the other hand, long positions saw liquidations of $22.63 thousand.

This divergence highlighted the current bear dominance and put downward pressure on the ALGO price.

Open interest in Algorand increased by 15.2% and its total value reached 25.44 million dollars. The long/short ratio was 1.1093, indicating a slight preference for long positions despite the bearish bias.

What Do ALGO Price Techniques Say?

ALGO token maintained a downtrend, continuously reaching new lows and approaching a critical dynamic support level. This extended decline reflected the prevailing bearish trend, with sellers continuing to put pressure on the ALGO price for an extended period of time.

As the Algorand price continues its downward movement, a falling wedge pattern has emerged on the charts. This technical pattern is often seen as a sign of a trend reversal.

In a positive development, ALGO has recently breached the upper limit of this wedge. This is from bear to bull

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