As a result of this steep downward trajectory, ALGO printed a new all-time low on August 17 of $0.0838, according to data retrieved by Finbold on August 18.
ALGO among tokens targeted by the SEC
Crypto market expert Ali Martinez weighed in on ALGO’s fresh downswing, giving a sarcastic shout-out to Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), “for his great work protecting investors.”
Martinez also posted a video of Gensler’s 2019 speech at the MIT Sloan Idea Exchange – a conference hosted by the prestigious school back where Gensler was once a professor.
During his talk, Gensler made favorable comments for Algorand and its founder Silvio Micali.
“Silvio Micali’s Algorand—who’s a Turing Award winner at MIT that I work with—Silvio’s got a great technology that has performance. You could create Uber on top of it.”– Gensler said in the 2019 speech.
But Gensler’s support for the altcoin was short-lived as ALGO was one of many crypto tokens targeted by the SEC in its June lawsuits against Binance and Coinbase. Algorand’s previous all-time low came right after the lawsuits were revealed.
Considering Gensler’s previous remarks on Algorand and the SEC’s subsequent actions, a significant portion of the crypto industry accused Gensler of being a former shill of Algorand and Micali.
ALGO price analysis
At the time of publication, ALGO was trading at $0.10, down 7.45% over the past 24 hours. As seen from the below chart, the cryptocurrency slightly recovered after reaching a new all-time low.
Algorand plummeted more than 14% over the past week and over 17% on the month, losing around $130 million in market cap during this slump.
Over the past year, ALGO’s price plunged by more than 72%, making it the 15th worst-performing crypto asset among the top 200 based on market capitalization.
However, although this is a new record low for ALGO, the token has not closed below its key horizontal support area of $0.11. This means that the possibility of reclaiming this crucial level remains valid.
If that happens, ALGO could witness a major breakout to the upside. On the other hand, failing to do so could pave the way for further declines.
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