ALGO is consolidating roughly
↘10%
over the past week as selling pressure persists with 1.60x more sellers than buyers over the past 24 hours.
Multiple headwinds converging
Price declined roughly
↘6%
over the past month while trading activity dropped roughly
↘26%
over the past week, with cumulative selling pressure reaching approximately $1.3 billion according to blockchain data.
Selling pressure remains elevated
More people are selling than buying, with the sell-to-buy ratio at approximately 1.6:1 over the past 24 hours, indicating near-term pressure on the price.
Futures market holding steady
Futures market activity remained relatively stable with interest in leveraged positions declining slightly by roughly
↘0.24%
, while borrowing costs stayed low at approximately 0.01%.
Layer 1 category comparison
ALGO moved roughly
↘6%
over the past month while Layer 1 peers rose approximately
↗2%
over the same period, a divergence of about 8 percentage points.