The crypto in distress: Filecoin (FIL), Algorand (ALGO), and Polkadot (DOT)

While Bitcoin is recording new all-time highs, and Ethereum is approaching them, some cryptos remain in significant distress. Today, we analyze in particular the price trends of Filecoin (FIL), Algorand (ALGO), and Polkadot (DOT), extending the analysis also to the recent past, in order to better frame the current movements

It should be noted that all the top five real cryptocurrencies by market capitalization are close to, or are approaching, their all-time highs, with as many as three out of five having recorded them this year (Bitcoin, BNB and Solana).

Instead, Filecoin, Algorand, and Polkadot are still very distant

Analysis of struggling cryptos: Filecoin (FIL), Algorand (ALGO), and Polkadot (DOT)

FIL, the native cryptocurrency of Filecoin, has been on the crypto markets for quite some time, as it landed there back in 2017.

Candlestick chart of Filecoin price (FIL/USDT), Binance market. Source: TradingView { “lineWidth”: 2, “lineType”: 0, “chartType”: “candlesticks”, “showVolume”: true, “fontColor”: “rgb(106, 109, 120)”, “gridLineColor”: “rgba(242, 242, 242, 0.06)”, “volumeUpColor”: “rgba(34, 171, 148, 0.5)”, “volumeDownColor”: “rgba(247, 82, 95, 0.5)”, “backgroundColor”: “#0F0F0F”, “widgetFontColor”: “#DBDBDB”, “upColor”: “#22ab94”, “downColor”: “#f7525f”, “borderUpColor”: “#22ab94”, “borderDownColor”: “#f7525f”, “wickUpColor”: “#22ab94”, “wickDownColor”: “#f7525f”, “colorTheme”: “dark”, “isTransparent”: false, “locale”: “en”, “chartOnly”: false, “scalePosition”: “right”, “scaleMode”: “Normal”, “fontFamily”: “-apple-system, BlinkMacSystemFont, Trebuchet MS, Roboto, Ubuntu, sans-serif”, “valuesTracking”: “1”, “changeMode”: “price-and-percent”, “symbols”: [ [ “BINANCE:FILUSDT|1D” ] ], “dateRanges”: [ “1d|1”, “1m|30”, “3m|60”, “12m|1D”, “60m|1W”, “all|1M” ], “fontSize”: “10”, “headerFontSize”: “medium”, “autosize”: false, “width”: 800, “height”: 400, “noTimeScale”: false, “hideDateRanges”: false, “hideMarketStatus”: false, “hideSymbolLogo”: false }

Among the most well-known cryptos, it is absolutely one of those in the greatest distress

It is enough to say that the initial price, in December 2017, was above 11$, while now it has plummeted below 3$

It is true that the initial price was exaggerated, given that it debuted in the midst of a speculative bubble, but the all-time low, reached in 2019, was just $1.8, compared to the current $2.6.

In other words, it seems like a crypto that has already made its history

It should also be remembered that in 2021 it was the protagonist of a truly remarkable rally, as it managed to reach an all-time high above $230, but that bubble then burst in 2022, bringing the price back below $3

The real problem is what happened after the bubble burst, because if at the end of 2022 the price had fallen below $3 but not below $2, as during the previous bear-market, it never really bounced back afterwards

On the contrary, starting from 2023, it seems to have entered a very concerning descending lateralization

For example, after a small rebound between the end of 2022 and the beginning of 2023, during the course of this last year, it never fell below $3

Even during 2024, it never fell below $3, but after the burst of the mini-bubble caused by the Trump-trade this year, it even dropped to $2

Unfortunately, the charts do not show any good data regarding the price trend of FIL

The trend of the price of Algorand (ALGO)

The native cryptocurrency of Algorand, ALGO, has in some ways a vaguely similar trend

Candlestick chart of Algorand price (ALGO/USDT). Source: TradingView { “lineWidth”: 2, “lineType”: 0, “chartType”: “candlesticks”, “showVolume”: true, “fontColor”: “rgb(106, 109, 120)”, “gridLineColor”: “rgba(242, 242, 242, 0.06)”, “volumeUpColor”: “rgba(34, 171, 148, 0.5)”, “volumeDownColor”: “rgba(247, 82, 95, 0.5)”, “backgroundColor”: “#0F0F0F”, “widgetFontColor”: “#DBDBDB”, “upColor”: “#22ab94”, “downColor”: “#f7525f”, “borderUpColor”: “#22ab94”, “borderDownColor”: “#f7525f”, “wickUpColor”: “#22ab94”, “wickDownColor”: “#f7525f”, “colorTheme”: “dark”, “isTransparent”: false, “locale”: “en”, “chartOnly”: false, “scalePosition”: “right”, “scaleMode”: “Normal”, “fontFamily”: “-apple-system, BlinkMacSystemFont, Trebuchet MS, Roboto, Ubuntu, sans-serif”, “valuesTracking”: “1”, “changeMode”: “price-and-percent”, “symbols”: [ [ “BINANCE:ALGOUSDT|1D” ] ], “dateRanges”: [ “1d|1”, “1m|30”, “3m|60”, “12m|1D”, “60m|1W”, “all|1M” ], “fontSize”: “10”, “headerFontSize”: “medium”, “autosize”: false, “width”: 800, “height”: 400, “noTimeScale”: false, “hideDateRanges”: false, “hideMarketStatus”: false, “hideSymbolLogo”: false }

ALGO landed on the crypto markets in 2019, even though the initial price was completely exaggerated, making it unusable as a comparison metric

The initial decline, inevitable due to the exaggerated price, stopped just below $0.2, and this is precisely the price level that is worth taking as a reference

The current price is only $0.27, which is not much higher than the lows of 2019.

With the speculative bubble of 2021, it managed to surpass $2.1, but in 2022 there was the collapse

In fact, the all-time low was reached in September 2023, even below $0.1.

Since then, in fact, it has attempted three rebounds, two of which failed and one still ongoing

The first one, in March of last year, couldn’t even bring it back to $0.3, while the second one, at the end of 2024, at least managed to bring it back to $0.5.

The problem is that the mini-bubble of the Trump-trade then deflated, and the price of Algorand in June of this year had returned to $0.16, which is even below the 2019 minimum

The ongoing rebound, which started shortly before mid-July, still seems insignificant for now, as it hasn’t even managed to recover the level of last year’s March peak

To tell the truth, shortly after mid-July it managed to climb back above $0.3, but then it couldn’t even maintain this level.

Polkadot (DOT) Price Analysis

Even DOT, the native cryptocurrency of Polkadot, is struggling in the crypto markets

Candlestick chart of Polkadot price (DOT/USDT), Binance market. Source: TradingView { “lineWidth”: 2, “lineType”: 0, “chartType”: “candlesticks”, “showVolume”: true, “fontColor”: “rgb(106, 109, 120)”, “gridLineColor”: “rgba(242, 242, 242, 0.06)”, “volumeUpColor”: “rgba(34, 171, 148, 0.5)”, “volumeDownColor”: “rgba(247, 82, 95, 0.5)”, “backgroundColor”: “#0F0F0F”, “widgetFontColor”: “#DBDBDB”, “upColor”: “#22ab94”, “downColor”: “#f7525f”, “borderUpColor”: “#22ab94”, “borderDownColor”: “#f7525f”, “wickUpColor”: “#22ab94”, “wickDownColor”: “#f7525f”, “colorTheme”: “dark”, “isTransparent”: false, “locale”: “en”, “chartOnly”: false, “scalePosition”: “right”, “scaleMode”: “Normal”, “fontFamily”: “-apple-system, BlinkMacSystemFont, Trebuchet MS, Roboto, Ubuntu, sans-serif”, “valuesTracking”: “1”, “changeMode”: “price-and-percent”, “symbols”: [ [ “BINANCE:DOTUSDT|1D” ] ], “dateRanges”: [ “1d|1”, “1m|30”, “3m|60”, “12m|1D”, “60m|1W”, “all|1M” ], “fontSize”: “10”, “headerFontSize”: “medium”, “autosize”: false, “width”: 800, “height”: 400, “noTimeScale”: false, “hideDateRanges”: false, “hideMarketStatus”: false, “hideSymbolLogo”: false }

It debuted on the crypto markets in 2020 just below $3, and even today it is only slightly above $4.2.

In 2021, it managed to ride a remarkable rally that took it up to the all-time highs of $55, but that bubble was short-lived, as in 2022 it fell to $4.3.

Note that the current price level is still even lower than the lows of 2022, because the bear-market of DOT continued for another year, reaching $3.6 in October 2023. Those were levels only slightly higher than the initial price of 2020

Since then, it has attempted two rebounds, both failed

The first in March of last year, when it actually managed to climb above $11, giving some hope to the holders. However, within a few months, the price of Polkadot had already returned to $4.2, and in October 2024 before the Trump-trade, it was still at $3.7

The second failed rebound attempt occurred at the end of 2024 precisely due to the Trump-trade, but the price stopped below 11$, indicating a phase of confirmed weakness

At this point, the return to $3.1 in June of this year is not too surprising, which is in line with the initial price of 2020

The problem with DOT is its level of inflation, which remains excessively high for a cryptocurrency