Algorand’s price is hovering near its lowest level since February 2021 as demand for the coin declines. ALGO, the native token of the network, is trading at $0.6717. This price is around 76% below the 2021 high. However, this is also an important level since the price has struggled to break below this support several times. Algorand has a market capitalization of approximately $4.4 billion.
Algorand is one of many Ethereum killers. One of its most important attributes is that the network focuses on climate change. Every carbon generated in the platform is offset using blockchain technology. It uses ClimateTrade, a network built using Algorand, to accumulate offsets on a blockchain. Over the weekend, the developers also acquired ad space in Times Square to celebrate Earth Day.
While Algorand has been rated well, there are signs that the network is slowing down. For example, DeFi Llama only tracks seven projects built using the platform. These apps have a total locked value of $167 million, and Algofi has a 59% dominance. Tinyman and Pact have a TVL of over $32 million and $19 million, respectively. On-Chain data also shows that the volume has continued to decline. The average account balance also fell. As shown below, other key gauges such as realized cap and MVRV ratio also retreated.
Algorand Price Prediction
On the 1D chart, we see that Algorand price is trading at an important support level. It has struggled to drop below that level since May last year. The price broke below the 25 and 50 day moving averages. It also broke below the Parabolic SAR indicator dots, while the Stochastic Oscillator broke below the oversold level.
Therefore, a clear break below this support level will signal that the bears have prevailed. As a result, the coin will continue to decline as investors target the key support level at $0.50.