Algorand Price Dives as Sellers Dominate Market
Algorand's price surge to $0.14 has been short-lived, with the altcoin now facing intense selling pressure.
The X402 challenge brought new demand for Algorand, causing its price to rise to a high of $0.14. However, this move was driven by speculation and failed to sustain the uptrend, resulting in a pullback.
As a result, Algorand's price fell to a low of $0.12, down 10% on the daily charts. The altcoin's Spot trading volume also fell 28% to $224 million, suggesting reduced market activity and lack of risk appetite.
The derivatives side saw a drop in Open Interest (OI) by 20% to $76 million and derivatives volume by 67% to $129 million, indicating reduced market activity.
The Relative Strength Index (RSI) made a bearish crossover and dropped to 64, indicating that sellers strengthened their positions while buying pressure plunged.