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Algorand Price Collapses as World Cup Demand Fizzles

Published

1 year ago

December 21, 2022

Crispus

Algorand price has been in a strong bearish trend in the past few months. The ALGO crypto price plunged to a low of $0.1630, which was the lowest level on record. It has plunged by more than 94% from its all-time high.

World Cup bet backfires

Algorand is a well-known blockchain project that seeks to become a leading player in the smart contract industry. Its benefits over Ethereum is that it is significantly faster, cheaper, cleaner, and more scalable.

Algorand has not had a lot of success in the industry. For one, its total DeFi ecosystem has a total value locked (TVL) of more than $148 million, which is significantly lower than that of other chains like Ethereum and Binance Smart Chain.

Algorand was recently in the spotlight when it became one of the top sponsors of the recent World Cup tournament in Qatar. As part of the partnership, FIFA embraced Algorand as its top blockchain partner.

The relationship saw FIFA used Algorand’s blockchain to power FIFA+, its NFT platform. FIFA+ sells some of the best-known NFTs in the soccer world. The partnership was important because of the overall popularity of soccer around the world.

However, recent data shows that the bet on FIFA may have backfired as Algorand price has continued crashing. Similarly, NFT and DeFi activity on Algorand has waned substantially in the past few weeks.

This decline is likely because investors are selling the fact. Historically, financial assets tend to rise before a major event happens and then rebound after it happens.

Algorand price forecast

The daily chart shows that the ALGO price has been in a strong bearish trend in the past few months. It has collapsed below all moving averages while the Relative Strength Index (RSI) has plunged below the oversold level. The coin also plunged below the important support level at $0.2745, the lowest level since June 18.

Therefore, the outlook for Algorand price is still bearish as sellers target the next key support level at $0.10. A move above the resistance level at $0.21 will invalidate the bearish view.

Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

Published

4 months ago

December 29, 2023

Crispus

BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

4 months ago

December 27, 2023

Crispus

Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

4 months ago

December 22, 2023

Crispus

Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5^th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama…