Algorand’s native token ALGO has plummeted to a new all-time low of $0.09 amidst a wider crypto sell-off. ALGO’s highest ever price was $3.56 reached in 2019, and $2.80 during the 2021 bull market.
Regulatory headwinds have coincided with further declines for ALGO as its trading volume in the past 24 hours has decreased by 34% to about $23.6 million, and its market cap is down to $756 million.
Algorand had launched its layer-1 blockchain in 2019, and since then has seen mainstream recognition and multiple partnerships. Recently, a key network upgrade was also accomplished, yet the price has been in a descending mode since peaking at $2.80 during the last bull market.
Negative sentiment triggered by the US Securities and Exchange Commission Chairman has impacted ALGO price, particularly as the SEC named Algorand as one of the unregistered securities in lawsuits against Bittrex and Binance.
Sellers are in control of ALGO’s price, with the RSI firmly in oversold territory despite bulls’ attempts. Further profit taking looks likely before an upward reversal materializes.
