{"id":22996,"date":"2023-08-20T09:16:14","date_gmt":"2023-08-20T09:16:14","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/cypto-downturn-sinks-algo-to-all-time-low\/"},"modified":"2023-08-20T09:16:14","modified_gmt":"2023-08-20T09:16:14","slug":"cypto-downturn-sinks-algo-to-all-time-low","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/cypto-downturn-sinks-algo-to-all-time-low\/","title":{"rendered":"cypto downturn sinks ALGO to all-time low"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/04\/1651173111716-2458bc06-b0f4-42d3-805b-51a1980478c9-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/04\/1651173111716-2458bc06-b0f4-42d3-805b-51a1980478c9-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/04\/1651173111716-2458bc06-b0f4-42d3-805b-51a1980478c9-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/04\/1651173111716-2458bc06-b0f4-42d3-805b-51a1980478c9-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Algorand price fell to $0.09, its all-time low, amid wider crypto sell-off.<\/li>\n<li dir=\"ltr\">ALGO\u2019s highest ever price was $3.56 reached in 2019 \u2013 it also hit $2.80 during the 2021 bull market.<\/li>\n<li dir=\"ltr\">Regulatory headwinds have coincided with further declines for ALGO.<\/li>\n<\/ul>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/news\/tag\/algorand\/\">Algorand<\/a> is among several altcoins that had it extremely rough during this week\u2019s crypto sell-off. As Bitcoin plummeted to under $25k and Ethereum to under $1.6k, Algorand\u2019s native token ALGO shed nearly 10% to a new all-time low of $0.09.<\/p>\n<h2 dir=\"ltr\">Algorand price outlook \u2013 what next for ALGO?<\/h2>\n<p dir=\"ltr\">While ALGO bulls are currently looking to reclaim the $0.1 level, sell-off pressure remains strong and the path of least resistance is downwards. According to CoinMarketCap data, Algorand\u2019s trading volume in the past 24 hours has decreased by 34% to about $23.6 million. The market cap is down to $756 million.<\/p>\n<p dir=\"ltr\">Algorand price reached its all-time high of $3.56 on June 20, 2019. This was reached shortly after the layer-1 blockchain launched amid wider bullish sentiment regarding its potential. Mainstream recognition, multiple partnerships and a recent <a href=\"https:\/\/coinjournal.net\/news\/algorand-boosts-network-speed-with-key-protocol-upgrade\/\">key network upgrade<\/a> highlight positive factors for Algorand.<\/p>\n<p dir=\"ltr\">However, price has largely been in a descending mode since peaking at $2.80 during the last bull market.<\/p>\n<div class=\"fr-img-space-wrap\"><span class=\"fr-img-caption fr-fic fr-dib\" style=\"width: 600px\"><span class=\"fr-img-wrap\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2023\/07\/20\/1692521913496-b9502691-f281-44d3-abeb-cf13e6dad886.png\" style=\"width: 600px\" class=\"fr-fic fr-dib\" width=\"600\" height=\"308\"\/><span class=\"fr-inner\">Algorand price chart. Source: TradingView<\/span><\/span><\/span><\/div>\n<p dir=\"ltr\">In recent months, negative sentiment triggered by the US Securities and Exchange Commission Chairman (SEC) has impacted ALGO price.\u00a0<\/p>\n<p dir=\"ltr\">The SEC\u2019s naming of Algorand as one of the unregistered securities in lawsuits against Bittrex and Binance accelerated the downward trend for the cryptocurrency. Incidentally, SEC Chair Gary Gensler once hailed Algorand\u2019s potential as a blockchain network.<\/p>\n<p dir=\"ltr\">A lot looks to have changed since then from the SEC chair\u2019s perspective.<\/p>\n<p dir=\"ltr\">In the market, ALGO is likely to suffer negative momentum even as the market eyes a bounce. Sellers are in control with the RSI firmly in oversold territory despite bulls\u2019 attempts. In this case, further profit taking looks likely before an upward reversal materializes.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/crypto-downturn-sinks-algo-price-to-all-time-low\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Algorand price fell to $0.09, its all-time low, amid wider crypto sell-off. ALGO\u2019s highest ever price was $3.56 reached in 2019 \u2013 it also hit $2.80 during the 2021 bull market. Regulatory headwinds have coincided with further declines for ALGO. Algorand is among [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":22997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22996"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=22996"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22996\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/22997"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=22996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=22996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=22996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}