Algorand saw a drop in developer count and dev activity over the past two years, and weak demand challenged its bullish prospects...
Data from Coinalyze underlined the downtrend of both the Open Interest and the spot CVD over the past 24 hours.which noted a sharp dump to $99.7k on Monday. A few hours later, it recovered to hit $108k, before falling to $101.2k – All within 32 hours.volatility saw ALGO teeter just above the range highs at $0.42. The OBV has not set a new high, and the trading volume has only minorly picked up over the past week. CanAt the time of writing, the Layer 1 chain had $164.
However, over the last two years, the core developer count fell from 39 to just 5. Sometimes, that is just how the cookie crumbles. A fall in innovation andAlgorand has never been one of the larger players in DeFi, and has failed to make gains in this sector in recent months. MeanwhileOn the price action front, there were fresh limit buy orders at $0.42 and $0.39. These were the closest support levels with sizeable limit orders clustered around.However, it seemed unlikely that it would.
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