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Altcoin investors seek higher returns and new ventures. Sometimes they are right. However, sometimes they wait for years without achieving the desired profit rates. The altcoin we will discuss today could rise to $0.229 in June.
ALGO Price Commentary
BTC price started a new attempt above $70,000, increasing activity in altcoins. Many cryptocurrencies turned green, and this positive atmosphere before the ETH ETF launch seems like preparation for new peaks. So, what is the current situation for Algorand (ALGO)?
According to IntoTheBlock data, only 9.39% of Algorand (ALGO) investors are currently profitable. Weeks ago, this rate was over 90 for FLOKI Coin and even higher for many ATH-seeing altcoins. For ALGO Coin, profitability below 10% indicates that the price might be at an attractive point for buying.
Interestingly, 88.40% of ALGO Coin investors continue to hold their shares despite not being profitable. Moreover, investors have an average holding period of 11 months. This hold period surpasses that of altcoins like Avalanche. Compared to Cardano, famous for its “buy and hold” strategy with a 12-month average holding period, ALGO is nearly at this level.
ALGO Coin Price Prediction
Approximately 20% of the supply is held by whales. This rate has increased by about 1% since May. The number of daily active addresses is also over 54,000. This figure is very satisfactory compared to Avalanche and Dogecoin. Transaction activity on the Algorand network shows a positive trend.
Since the end of last year, the number of daily transactions has roughly doubled, reaching 1.36 million. Most of these transactions are valued at less than $1. This is likely due to applications taking advantage of Algorand‘s low-cost fee structure.
From a technical analysis perspective, the price has been hovering between $0.200 and $0.169 since the end of April. A breakout above $0.2 could trigger a new rally towards $0.229, a 26% increase. This could also end the long-term stagnant movements.
