- Algorand handled 1 million+ transactions for 24 hours as the active address increased almost 30%, but the price fell 0.45%.
- The finest merchant maintained the moment, but the retail store was steadily sold, and now Algo has maintained less than $ 0.22.
Algorand (Algo) has dealt with more than a million transactions for 24 hours, and the active address has soared almost 30%.
Nevertheless, ALGO has not yet recorded a positive profit in the market.
In fact, the price of Altcoin has decreased by 0.45%over the last 24 hours, and overall performance last week has decreased by 9.44%.
AMBCRYPTO Analysis shows the possibility of a rally on the chart despite these achievements in terms of profits.
But the problem still remains. What stops Algo?
Algo’s new milestones and price behavior have been explained
According to a recent report, Algorand’s hot chains are notable.
At the time of writing, the network reached a million -run transactions, and the active address rose to 108,000. This has increased almost 30%.
Source: Nansen
According to Nansen, the reservoir and high use have led the recent milestone. Interestingly, AMBCRYPTO has linked this to the reaction at the main support level.
On the chart, Algo formed the triple floor line right above the support. The price of the above drop can be $ 0.3128, or 47%.
Source: TradingView
But weak exercise suggests that assets can be lost or can be posted at least.
Is Momentum accumulating?
Analysis of the spot and derivatives market shows that the overall market momentum is very low.
In the field market, the Exchange Netflow, a metrics used to evaluate long -term purchase and sales activities, checks this trend.
Source: COINGLASS
SPOT Market Traders currently sell assets instead of purchasing. So far, $ 74,000 has been sold.
At the time that Altcoin trades at the main support level, the sale is not added to the potential of the strongest, and ALGO can continue to trade within this range.
Derivatives are not much different.
In fact, it suggests an optimistic trajectory despite the high sales pressure.
High sales, weak exercise -meaning
Emotions were optimistic in derivatives, but conviction seemed to be shaken. The volume increased 11.79% to $ 83.10 million, but the public interest (OI) fell 2.72% to $ 84.27 million.
The inconsistency between the volume rise and the drop in OI generally indicates low trust.
Source: COINGLASS
Meanwhile, the long and short ratio fell to 0.9088.
Interestingly, Binance’s top traders still lasted long and the long and short ratio of account levels was higher than 2.0. This resulted in discord. Whales can be ready to rise, but the sleeves are still withdrawn.
Source: COINGLASS
If the sales pressure continues to increase, there is a risk of knowing that it remains in a low price until a significant purchase momentum appears.