Algorand outlook: over 90% of ALGO holders at loss amidst stalling prices

While crypto enthusiasts celebrate Bitcoin’s move towards the $70K mark, Algorand ($ALGO) investors count significant losses.

Data shows that 92% of $ALGO holders are counting losses at current prices. Only 5% are in money, with 3% at break-even.

Source -IntoTheBlock

That comes after Algorand’s bearish actions over the past few months. The altcoin has plunged 55.2% from its 2024 high of $0.3189, attained in March, to trade at $0.1441 at press time.

$ALGO holders in red

IntoTheBlock data demonstrates the bearishness that has engulfed the altcoin lately, with over 90% of investors out of money.

That means the current $ALGO price is less than the average paid during the asset purchases. Around 18.93 million, accounting for 92% of total addresses, sit on losses at press time.

Most of these investors bought when $ALGO traded above the $0.16 price mark. The token changed hands beyond this vital value area in June 2024.

Meanwhile, 1.09 million addresses, representing 5.32% of all $ALGO wallets, hold the assets at a profit.

Current $ALGO price outlook

The native token flashes recovery signals after last week’s over 5% dip. $ALGO gained 2.55% in the past 24 hours to waver at $0.14443 at press time.

$ALGO 1D Chart on Coinmarketcap

The alt’s current trajectory reflects broad market tendencies, and Algorand seems poised for solid uptrends. $ALGO looks to capitalize on Bitcoin’s recent upswing towards the $70K level (which revitalized the altcoin market).

Moreover, Algorand maintains a live ecosystem as investors increasingly interact with the blockchain

Recent data shows $ALGO transactions exploded past 2 billion.

Increased user activity remains essential in driving stable recoveries for Algorand.

Also, the current price analysis confirms impending surges for $ALGO. The alt broke from a falling wedge on the daily chart, suggesting trend shifts.

While most Algorand investors count losses, broad market stability and enhancing investor sentiment confirm possible recoveries for $ALGO.

Strengthened buying momentum could propel the alt toward the latest high at $0.16 before extending to new ATHs.

Meanwhile, crypto pundits remain optimistic about a massive rally in 2024, citing developments such as interest rate cuts and the US elections.

Bitcoin hovers at $69.5K after over 3% Trump-driven daily gains. Crypto analyst Michael van de Poppe believes stability beyond the $60K – $62 range will call for upside continuation to all-time highs in the coming weeks.

Such market sentiments will welcome a ‘full swing’ altcoin season, rescuing $ALGO from its downtrends.

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