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.

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.

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.

In 44 days, we’ve done 10% more.

2,200,000,000 $algo transactions!

Not one minute of downtime. @Algorand https://t.co/2bJUn6QVkC pic.twitter.com/smEVjnNPQI

— MJ.algo (@AlgoFamily) July 29, 2024

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.

#Bitcoin is back at $70,000!

Donald Trump's speech has provided a positive impact, through which Bitcoin might be facing an ATH test in the coming weeks.

As long as it stays above $60-62K, we're in good territory for further continuation pic.twitter.com/PVdmRjJKoN

— Michaël van de Poppe (@CryptoMichNL) July 29, 2024

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

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