Algorand TVL Hits $177 Million As Altcoin Rally Continues – Can ALGO Sustain This Push?

Share This Post

Algorand is one of the fastest growing crypto in terms of gains. According to CoinGecko, the token has appreciated by 30% in the last two weeks. With the broader crypto market rallying as Bitcoin breaks its crucial $21,000 resistance, ALGO is set to gain more in the next few days. 

The Total Value Locked department is where the ecosystem gained the most. According to DeFiLlama, Algorand’s TVL yesterday hit $177 million in value. This uptick in TVL is a bullish indicator that the ecosystem still has the momentum to reach new milestones. 

However, the token might be on shaky ground as the bears test its current support at $0.2275. 

Algorand

Algorand Developments On-Chain

Algorand’s G6 governance commitment period ended yesterday, January 16. According to Algorand blockchain explorer, AlgoExplorer, more than 4.1 billion ALGO is staked by over 31,763 governors. 

The ecosystem would pay back the governors with an annual return rate of 6.52%. This way of governance makes the Algorand ecosystem stay true to the tenets of decentralized finance. To add to this bullishness, the ecosystem also processed its 1 billionth transaction. 

With the ecosystem able to handle more than 2,881 swaps on-chain, Algorand is expected to continue growing in popularity.

Can ALGO Continue Its Climb? 

The token is currently trading at $0.2329, a nearly 1% decrease from yesterday’s $0.2341 price. The rejection at $0.2418 would delay ALGO’s recovery. With the token’s support at $0.2365 broken, ALGO investors should be able to buy the current dip in price as analysts are still bullish with the token’s price movement. 

With improving macro trends, investors and traders are more likely to enter riskier assets like cryptocurrencies. Not to mention that Bitcoin, the face of the crypto market, has broken through crucial resistance at $21k. With ALGO’s high correlation to BTC, ALGO can ride Bitcoin’s rally to reach higher highs. 

Investors and traders should watch the current market situation of ALGO as the token’s current price position as the ecosystem has been having trouble maintaining a social presence. 

ALGO holders should also watch Bitcoin’s price rise in the next few days or weeks. The $21k resistance break wiped out the lost ground following the collapse of FTX. If BTC continues its bullish recovery in the next few weeks or days, ALGO can ride the upward wave. 

But with the token facing a slight correction, this bullish break might be delayed as the bears retest the current support at $0.2275. If the bears win the struggle, the token’s recovery will inevitably be delayed.

Featured image from ThoughtCo

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Ethereum Unleashed: ETFs, Whale Activity, Layer 2 Solutions Shape Its Future

Ethereum (ETH) is gaining prominence as Bitcoin maintains its recent highs Despite the fact that ETH is currently 36% below its all-time high of $4,878 from 2021, analysts anticipate that the

XRP Price Prediction For November 23

The post XRP Price Prediction For November 23 appeared first on Coinpedia Fintech News XRP has recently shown a strong and sustained upward price movement, up by more than 65 percent in the last

Bitcoin Genius? Kiyosaki Backs Saylor’s Bold Strategy

The post Bitcoin Genius Kiyosaki Backs Saylor’s Bold Strategy appeared first on Coinpedia Fintech News Robert Kiyosaki has never been one to sugarcoat his opinions, and his latest defense of

Binance Raises Compliance Staff by 34% to Meet Demands of Crypto Industry

Binance expands its compliance team to meet the growing needs of the crypto industry and its user base Compliance Remains Vital for Binance By the end of the year, Binance, one of the world’s

Allianz Bets Big On Bitcoin With MicroStrategy Convertible Note Investment

Allianz SE, Europe’s second-largest insurance company and Germany’s largest, has acquired nearly 25% of MicroStrategy’s recent convertible note offering The investment marks a

Trump Reveals Plan for Crypto, Big Tech, and Immigration!

The post Trump Reveals Plan for Crypto, Big Tech, and Immigration! appeared first on Coinpedia Fintech News Donald Trump is back in the spotlight with some intriguing nominations for his next