Before soaring to an all-time high
Weekly revenue for ALGO investors exceeded $5.86 billion.
ALGO's big ship is a bit accumulation-oriented despite its 400% average yield.
Big ships are holding onto their tokens, keeping ALGORAND up 7% on Friday despite the usual traders taking profits. The big ships’ stance may push ALGO to new highs.
ALGO on-chain data shows positive sentiment amid historic profit-taking.
ALGO fell 17% in the next three days after surging to a high.
Profit-taking may have caused the decline, as the Network Realized Profit and Loss indicator shows that investors have made nearly $5.86 billion since December 1. Investors often take profits during bull markets, especially at new highs.
ALGO’s Average Coin Age Indicator reveals that selling activity increased throughout the week across coin ages, especially in the 2-3 year age group. The dip in this statistic indicates dispersion across coin age groups.
Despite the recent dip due to profit-taking, additional ALGO on-chain data shows bullish sentiment remains dominant.
Investors still control more than 389% of the gains, according to ALGO's Market Value to Realized Value ratio.
Larger vessels tend to accumulate, so traders may have done a lot of the recent selling. As seen in the chart below, investors holding 1M–10M ALGO increased their holdings by 260 million tokens in a week.
However, many of the big ALGO ships only bought the coin after the US presidential election. If ALGO falls close to its cost basis, this group may panic and sell.
ALGO weekly active addresses reached 395K, the highest in sixteen months.
$ALGO regained the 23.6% Fibonacci Retracement (Fib) level after a brief dip over the past 2 days. If it regains $1 .
$ALGO may reach the maximum profit target from the multi-year round bottom to reach above the all-time high.
#CryptoExplorerFiesta #Binance #BTC #ALGORAND #Goal $ALGO
