Algorand’s TVL is up 137% in the past seven days.
Market indicators and some metrics looked bearish.
algorithm [ALGO] flashed in the headlines for his latest achievement. DeFiLlama revealed that Algorand’s total value locked (TVL) registered a massive increase with growth of over 137%. With this new development, Algorand was back within 18% of its previous all-time high.
Algorand’s TVL has grown 137% in the past 7 days, it is now within 18% of the previous all-time high pic.twitter.com/MrSJVFF9FS
— DefiLlama.com (@DefiLlama) January 15, 2023
Not only did the TVL increase, but according to AlgoExplorer, Algorand’s total number of addresses has also increased over the past seven days. This too was an optimistic update as it indicated a higher number of users in the network.
In addition, FLUX, one of the largest decentralized web3 computing networks, has announced that its parallel assets to be deployed on its interchain operable platform will be Algorand.
We are pleased to announce the following $flux parallel assets deployed on our interchain operable platform will be…@Algorand! Snapshots will be distributed in Q1, LFG!! #web3 #blockchain $Algo pic.twitter.com/q9JnYfHUjo
— Flux-Web3 Cloud (@RunOnFlux) January 15, 2023
Read from Algorand [ALGO] Price prediction 2023-24
Are the problems just around the corner?
ALGO’s performance on the price front was also bullish over the past week as the chart was painted green. According to CoinMarketCapALGO’s price registered more than 12% weekly gains, and at the time of writing, it was trading at $0.2323 with a market cap of over $1.6 billion.
However, the good days may be coming to an end as few market indicators have been bearish ALGO. The Relative Strength Index (RSI) registered a downtick while in the overbought zone, which was a bearish signal. The Chaikin Money Flow (CMF) and On Balance Volume (OBV) also fell slightly, further increasing the likelihood of a trend reversal.
Source: TradingView
Realistic or not, here it is ALGO’s market cap in BTCs requirements
This is what statistics suggest
Interestingly, ALGO’s popularity declined over the past week as social dominance declined. As its popularity declined, negative feelings toward ALGO increased, which was concerning as it indicated a lack of community trust in ALGO.
Despite the negatives, some of the stats also favored ALGO, providing much-needed hope for a continued rise. For instance, ALGO was in demand in the derivatives market as the Binance funding rate remained consistently high. Development activity has also increased over the past week, which is a positive sign for a network.
Source: Sentiment
This post algorithm [ALGO] registers an increase in TVL, but concerns remain
was published first on https://ambcrypto.com/algorand-algo-registers-an-increase-in-tvl-but-concerns-still-remain/
