Focusing on sustainability and innovation has Algorand as one of the leading blockchain networks in the marketplace. Nevertheless, its native crypto, ALGO, trades at a crucial price zone following the better performance.
While publishing this article, ALGO traded near $0.70. The altcoin has recorded bearish actions since April started, following the highs of $0.98 on March 31.
Meanwhile, Algorand remains lower from its ATH at $2.81, recorded in November 2021. That means the current prices are about a quarter of the levels touched during the all-time highs.
Evaluating Algorand’s price trend shows the alternative token traded inside a triangle formation underpinned by lateral support and descending resistance.
The peaks of March-end explored the resistance level before ALGO retraced to retest support of April 14. For now, the alt hovers at a crucial level as resistance and support squeeze Algorand prices into a constricted range.
Why Algorand’s Current Foothold Remain Crucial
The current support barrier for ALGO at $2.11 has proved somewhat dependable as far as price reversals are concerned. The alt rebounded from this territory many times this year and more than three times over the past year.
That means ALGO already established the barrier as structural support, and ALGO has never traded beneath the crucial area since February 2021.
ALGO could see a substantial uptick if the mentioned support holds in the coming few days. Such outcomes will likely appear as the crypto trade is at massive discounts from its previous all-time high.
Nevertheless, Algorand could violate the support as most top cryptos revealed similar reactions because of amplified selling momentum within the past few days.
On-Chain Activity
Market forces remain crucial for Algorand’s current level. Nevertheless, on-chain activities are vital in the current value and Algorand’s future price trends. The NFT marketplace is one of the utility drives that can aid in gauging activity on the altcoin.
The number of addresses that bought NFTs worth at least $1,000 has steadied beyond 13,400 over the past 90 days. NFT trade volumes saw a significant increase since mid-March.
The NFTs worth over $100K saw a substantial surge within the past two days as ALGO noted price dips. Also, the previous 12 months saw NFT volumes recorded significant growth over the period.
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