The post Could Bulls Defied The Selloff? appeared on BitcoinEthereumNews.com.

The Algorand (ALGO) coin was traded under bearish influence and continued to drop. Last week, it reached its 52 week lows around $0.1100 and guided a negative sentiment among its investors. Despite multiple attempts of bulls to break and close the 20 day EMA, sellers secured the cluster and defeated the bulls which led the follow on decline for the past sessions. Still, the ALGO coin trades below the significant moving averages and sails in the bearish course. Until it did not reclaim the $0.1800, the bear cartel continued to dominate and it would resume the underperformance. At press time, Algorand coin was trading at $0.142 with an intraday surge of 3.24%, reflecting neutrality on the chart. It has a monthly return ratio of -14.30% and 30.20% yearly, reflecting short term retracement. The pair of ALGO/BTC is at 0.00000242 BTC, and the market cap is $1.17 Billion. Analysts are bearish and suggest that ALGO may continue to drop and underperform. Has Algorand (ALGO) Bottomed Out? For the past four months, Algorand coin displayed bearish influence and dropped over 60% of gains from its high of $0.3200 and reached the bottom mark of $0.1100 this week. Amidst the strong downfall, the coin still did not cross the 20 day EMA and struggled below it. The RSI curve was around the midline region at 45, reflecting a positive crossover and a bounce on the chart. Notably, the coin was ranked at 69 and has a total supply value of 8.22 billion. Meanwhile, the fully diluted market cap is $1.42 Billion. @JT Media in a tweet mentioned that ALGO inflation rate is now at 3.61% and it needs a catalyst to overcome the distribution. Current $ALGO inflation rate is now 3.61%. Quick stats:– >82% circulating supply– 5 million accounts created this past year–…

---

Filed under: News - @ July 12, 2024 10:22 am