Despite bagging substantial gains earlier in the trading day, Algorand (ALGO) is down over 27% as of writing. The token’s price drop follows a bearish market sentiment that sees major coins plummet on the day.
The past seven days had seen the token climb steadily. It even tried reaching its 6-month high of $0.488 yesterday. However, its rally was cut short and only registered an intraday high of $0.409.
Algorand’s price dump comes as news of FTX acquisition by Binance surfaces. This single news has dragged the entire market into the red zone, with alpha crypto Bitcoin falling below $18k again.
ALGO Consolidating And Accumulating Between $0.28 And $0.42
ALGO’s price has been on a significant slump throughout 2022 up to May. Since reaching an