The cryptocurrency market analysis reveals that Algorand (ALGO) and Avalanche (AVAX) continue to experience price pressure while the BlockDAG project successfully approaches market entry.
Technical Analysis of Algorand (ALGO)
The current technical analysis of Algorand (ALGO) indicates an increase in network activity without significant price movement. Daily transaction volume surged by 66%, and whale addresses have increased their holdings by over 5%. However, the price remains capped within a descending channel, hovering around $0.176. Continuous rejection in the $0.21-$0.22 range and technical indicators suggesting weakness create a negative sentiment.
Mixed Sentiment in Avalanche (AVAX) Market
Following a 14% decline on June 13, Avalanche is now trading around $18.53, reflecting uncertainty in the market. The overall crypto Fear & Greed Index stands at 63, indicating broader market confidence, but AVAX-specific data tells a different story. Whale activity is neutral, with retail participation steady but not aggressive. Technically, AVAX shows bearish indicators while expecting resistance levels around $21.
BlockDAG's Progress with Hardware Rollout
BlockDAG, after reaching a milestone of 2 million users via mobile mining, is now focusing on hardware expansion. The company has successfully raised $312 million, with a major brand partnership expected on June 20. Shipments of the new X30 and X100 miners are scheduled for July 7, and the X10 model is expected to launch on August 15. This expansion will underpin a more robust infrastructure capable of handling large volumes of dApps.
Analysis reveals that Algorand and Avalanche are in a state of waiting, while BlockDAG actively progresses. The future of both projects depends on various factors, while BlockDAG shows positive development outcomes.
