Kategorie: Crypto News

• Algorand price fell to $0.09, its all-time low, amid wider crypto sell-off.
• ALGO’s highest ever price was $3.56 reached in 2019 – it also hit $2.80 during the 2021 bull market.
• Regulatory headwinds have coincided with further declines for ALGO.

Algorand is among several altcoins that had it extremely rough during this week’s crypto sell-off. As Bitcoin plummeted to under $25k and Ethereum to under $1.6k, Algorand’s native token ALGO shed nearly 10% to a new all-time low of $0.09.

Algorand price outlook – what next for ALGO?

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’s trading volume in the past 24 hours has decreased by 34% to about $23.6 million. The market cap is down to $756 million.

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 key network upgrade highlight positive factors for Algorand.

However, price has largely been in a descending mode since peaking at $2.80 during the last bull market.

Algorand price chart. Source: TradingView

In recent months, negative sentiment triggered by the US Securities and Exchange Commission Chairman (SEC) has impacted ALGO price. 

The SEC’s 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’s potential as a blockchain network.

A lot looks to have changed since then from the SEC chair’s perspective.

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’ attempts. In this case, further profit taking looks likely before an upward reversal materializes.

The post Crypto downturn sinks ALGO price to all-time low appeared first on CoinJournal.

• Litecoin price has retreated 14% in the past 24 hours and 23% in the past week
• Price has also broken below an ascending channel trendline support.
• Can bulls stem post-halving dump?

Litecoin price has declined 14% in the past 24 hours to add to the pain bulls have experienced over the past three weeks. The cryptocurrency, which successfully underwent its third block reward halving early this month, traded to lows of $60.75 and has plummeted 23% in the past week.

Why did Litecoin price go down today?

LTC’s latest price decline came as most top cryptocurrencies by market cap dumped heavily on the back of Bitcoin’s sharp plunge to the $25k area.  This was after investors spooked by rumours related to Elon Musk’s SpaceX BTC holdings sold off, with the 24-hour crypto liquidations jumping to over $1 billion on Friday.

The downward pressure cascaded to altcoins, which saw Ethereum nosedive to below $1,575 and XRP touch the technical support area of $0.50. Litecoin’s reaction was for its post-halving rot to deepen and leave bulls poised at a key level that threatens further declines.

LTC price technical outlook

As seen on the daily chart below, the breakdown from highs of $114 in early July has all but wiped pre-halving gains. The psychologically important $100 is once again the primary horizontal resistance level while $60 is now crucial for bulls.

The post Litecoin price drops below key technical area: What next for LTC? appeared first on CoinJournal.

• Shiba Inu (SHIB) traded to lows of $0.0000072 before bouncing to $0.0000087.
• Declines for SHIB came amid wider crypto sell-off as Bitcoin fell to lows of $25,600.
• SHIB price could recover to the psychological $0.00001 or see fresh declines to major support levels.

Shiba Inu’s native token SHIB has plunged to July lows, trading to lows of $0.000000726 after a sharp 20% drop. SHIB price was down over 30% in the past week as of 8:30 am ET on Friday morning.

The token’s sharp decline follows a broader market sell-off that also saw Bitcoin flash crash to $25,600 and Ethereum to $1,570. However, for Shiba Inu, the dump had another catalyst.

Sell-off came at a time the SHIB army – a passionate community of SHIB holders – was looking to navigate a major setback related to the cryptocurrency’s layer-2 network Shibarium. Meanwhile, the data shows a total of over 97 million SHIB have been burnt in the past 24 hours. 

Shibarium hit snag shortly after launch

Shibarium, a fork of Polygon, launched to much hype on Wednesday, with the community celebrating a key milestone as the layer-2 network brought new functionality set to transform the Shiba Inu ecosystem.

But that enthusiasm hit the rocks shortly after, with the L2 going offline amid what the team says was an unprecedented traffic. The latest update from the team has nonetheless provided optimism for a swift reboot, more so after it was revealed Shibarium was getting help from major players within the ecosystem.

Developer Kaal Dhairya has also assured users that the $1.7 million in user funds locked in the ETH bridge as the blockchain went into “fail safe” mode were “safu.” Although its unclear when the Shiba Inu L2 platform reboots, the community’s response to today’s update has seen SHIB price turn just green as seen on the 24-hour time frame.

SHIB price outlook after Shibarium setback

The 4-hour chart below shows SHIB has bounced from lows of $0.00000726 to intraday highs of $0.0000087. 

Otherwise, more downside will follow as the 4-hour RSI remains below 50 to indicate strength still lies with the bears. In this case, the key areas to watch on the downside are $0.000008 and $0.0000075.

The post Shiba Inu price outlook: SHIB army digs in despite Shibarium setback appeared first on CoinJournal.