⚠️⚠️⚠️$𝗔𝗟𝗚𝗢 𝗼𝗻 𝘁𝗵𝗲 𝗕𝗿𝗶𝗻𝗸? 𝗦𝘁𝗮𝗸𝗶𝗻𝗴 𝗘𝘅𝗼𝗱𝘂𝘀 & 𝗗𝗲𝗙𝗶 𝗖𝗼𝗹𝗹𝗮𝗽𝘀𝗲 𝗦𝗶𝗴𝗻𝗮𝗹 𝗠𝗼𝗿𝗲 𝗣𝗮𝗶𝗻 𝗔𝗵𝗲𝗮𝗱!🔴🔴
Algorand ($ALGO) is teetering at key support around $0.1865, barely above YTD lows.
Price is down nearly 70% from its Nov 2023 high, and technicals + on-chain data point to more downside:
What’s going wrong?
TVL crash: DeFi on Algorand has plunged to $90M, the lowest since 2022
Staking outflows: Over 301M ALGO unstaked (~$55M) in the last 30 days
NFT sales: Down 10% MoM despite FIFA partnership
Stablecoin volume: Fading, now at just $135M
Death cross on daily chart + breakdown below 78.6% Fib level
Key levels to watch:
Support: $0.1463 (YTD low)
Break below = risk of freefall to $0.10
ALGO’s 7.58% staking reward isn’t enough to hold users. Is it game over for Algorand this cycle?
