ALGO Price Analysis: Turning Tides For Algorand Eyes 35% Jump!

The ALGO price trend shows a long-term downtrend in motion, leading to a falling wedge pattern in the daily chart. The bearish pattern brings the Algorand price down to $0.0885, accounting for a price fall of 35% in a month.

Timeline of Algorand

Maintaining the deep correction phase, the ALGO price remains under a strong bearish influence. Trading at a 98% drop from the all-time high of 3.77, Algorand struggles to find a reversal spot. If the downtrend continues, the crypto might shortly trade lower than the listing price.

Algorand (ALGO) has recently announced significant changes to its protocol that are set to reshape the future of the blockchain network. These developments are aimed at increasing decentralization and fostering consensus among participants, signaling a bold step forward for the project.

Crypto consortium Fahrenheit, which won the bid to acquire Celsius, has proposed appointing Steve Kokinos, the former CEO of Algorand, to take over Celsius 2.0, referred to as “NewCo.”

Bankrupt crypto lender Celsius has proposed the appointment of Algorand's blockchain former chief executive officer Steven Kokinos as the CEO of the new company that will take over its operations, according to court filings. Kokinos, who left Algorand in 2022, is the co-owner of Fahrenheit Holdings and Arrington Capital.

ALGO traders may need to stay vigilant in the market considering Algorand's latest collaboration. Although, as of 24 August ALGO traders seemed on the fence about their investments.

Algorand native token, ALGO, has experienced a dramatic plunge in the wake of the recent crash in the cryptocurrency market. On August 19, the token's value plummeted by a staggering 18%, hitting a low of $0.082.

Algorand's ALGO token price has plunged to new lows following the crypto market's epic crash on Aug. 17. According to CryptoSlate's data, the digital asset fell to an all-time low of $0.08846 last Thursday.

Algorand's (ALGO) performance on the charts has been nothing short of a rollercoaster. According to data from CoinGecko, yesterday, the asset's value plummeted to a historical bottom, and it's currently down by nearly 10% in the past 24 hours.

US-listed exchange Coinbase is reportedly halting trading for RAI Reflex Index (RAI), Dai (DAI), and Tether (USDT) in Canada on Aug. 31, 2023. A Reddit user relayed the official email from Coinbase Canada, stating that this trading suspension results from their ongoing asset review process to ensure adherence to listing criteria.

Welcome to our latest article delving into the dynamic crypto world, where prices and news collide to shape the landscape of digital assets, in this piece, we turn our attention to three prominent crypto projects Tron, Algorand and Litecoin.