• Algorand’s Total Value Locked (TVL) increased by 137% in the last seven days, bringing it to within 18% of the previous all-time high.
• The total number of addresses on the network also increased in the last seven days, indicating a higher number of users.
• Algorand’s price registered over 12% weekly gains, and at the time of writing, it was trading at $0.2323 with a market capitalization of more than $1.6 billion.
Algorand [ALGO] has been making headlines due to its latest achievements. Over the past seven days, the cryptocurrency has seen a massive 137% increase in its Total Value Locked (TVL), bringing it to within 18% of its previous all-time high. Additionally, the total number of addresses on the network also increased in the same time frame, indicating a higher number of users.
These developments have been accompanied by positive price movements as well. As per CoinMarketCap, ALGO’s price has registered over 12% weekly gains. At the time of writing, it is trading at $0.2323 with a market capitalization of more than $1.6 billion.
However, despite the positive developments, there are few indicators that suggest that trouble might be around the corner. For instance, the Relative Strength Index (RSI) registered a downtick while it was in the overbought zone, which was a bearish sign for ALGO.
The cryptocurrency recently received another boost when FLUX, one of the largest web3 decentralized computing networks, announced that its parallel asset to be deployed on its interchain operable platform will be Algorand. FLUX will distribute the snapshot of the asset in the first quarter of 2023.
Although the recent developments indicate that Algorand [ALGO] is on the up, investors should be aware of the bearish indicators in the market. Careful monitoring and analysis is key to ensuring that investors are making the right decisions.