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It's Big & Big #alert About $ALGO Price Recovery Looks Bleak as Sellers Line Up
Algorand’s (ALGO) price reached a monthly low of $0.15 on Tuesday, June 11, despite trading around $0.18 in early June.
On-chain analysis examines the token’s potential, highlighting indicators that may drive ALGO’s price action.
In March, ALGO followed the broader altcoin rally, reaching a yearly peak of $0.31. However, as the market fell to the demand of bearish forces, so did ALGO. Is the token ready for respite, or is a further downtrend in the works?
Algorand Sellers on the Sidelines
BeInCrypto examines the Order Books of 11 crypto exchanges to gain insight into this. Employing this metric, one can ascertain whether investors plan to sell off many tokens or buy them.
The Order Books have the “bid” and “ask” segments, as shown below. In simple terms, a bid is a price level at which traders are willing to buy a cryptocurrency. The opposite is ask, which describes prices targeted at selling.
According to data obtained from IntoTheBlock, Algorand investors have placed bids to buy 53.97 million tokens. At an average price of $0.16, those assets are worth $8.09 million.
On the other side of the divide, another set lined up to sell a staggering $80.27 million ALGO. This average asked price was $0.16, meaning the value that could be sold is $12.84 million.