All You Need to Know About the Allora Mainnet | Credit: Derek Fenech
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Key Takeaways
Allora (ALLO) launched on November 11 and immediately crashed by over 50%.
The ALLO price broke out from a descending parallel channel.
Can Allora recover after its rocky launch, or will its price continue to fall?
Allora Network launched its ALLO token on Nov. 11. Allora is building a Proof-of-Intelligence Layer, a network where AI models learn and reward each other.
The idea behind it is to create a self-improving AI system comprising multiple models that work together.
However, the price crashed immediately after launch and is already down by more than 50%.
Let’s examine the charts and figure out if ALLO can reverse its bearish trend.
ALLO is the native token of the Allora chain, which powers Allora Network, fueling transactions and providing staking rewards.
Allora is available on centralized and decentralized exchanges, including Binance, OKX , Bitget, and Kraken.
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As part of the token distribution, Allora community members received either an allocation, an airdrop or prime eligibility based on their contributions.
Binance allocated 15 million tokens, which is 1.5% of the total supply, to users who participated in the HODLer airdrop projects.
However, this liquidity surge might have caused the crash, as their selling pushed the token’s price downward.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
