Algorand (ALGO) Price Might Drop To $0.07 In Coming Weeks
The Algorand (ALGO) ecosystem has continued to build its decentralized network to attract more DeFi developers amid the crypto winter period. With the ALGO ecosystem lagging in liquidity expansion compared to other top-layer ones’ blockchains, the Algorand Foundation has committed more capital in the form of grants to attract DeFi developers. Moreover, the ALGO market has been trapped in a falling channel despite this year’s crypto relief rally.
According to the latest crypto price oracles, ALGO price is down approximately 6 percent YTD to trade around $0.167 on Monday. This comes as the ALGO price revisits last year’s ATL amid increased bearish sentiment.
Algorand (ALGO) Price Analysis
As the ALGO bulls struggle to resist further capitulation, a popular analyst on Twitter @egragcrypto is convinced the Algorand market could be headed for pre-pandemic levels. Nevertheless, the analyst highlighted that there is a high chance of a double bottom as the ALGO price nears the $0.14 level. If the ALGO price continues to dip further toward 2020 Black Thursday’s lows, the possibility of 6 cents will be imminent.
In this regard, the analyst noted that the ALGO price will be around its death line, which could mean further bleeding.
Also Read: Algorand Price Prediction 2023, 2024, 2025: Will ALGO Price Achieve New Highs In Coming Days?
“The formation is still in a downfall trend. However, breaking this Channel will pump ALGO price to 0.04 – 0.07 and closing above 0.07 is a clear go-go signal,” the analyst noted.
As a smart contract-based blockchain with high throughput and immense potential, the Algorand (ALGO) network has seen its total value locked rise amid the entire crypto winter. According to market aggregate data from defillama, Algorand’s total value locked (TVL) stood around $124 million on Monday.