Otherwise, ALGO could slide back to the $0.30 zone. A recovery above $0.36 is needed to consider the further upside. Should you buy Algorand?ĭespite receiving good attention, Agorand is still in a bearish market and not yet a buy. Momentum is weakening, with a bearish crossover on the MACD indicator. The cryptocurrency reacted strongly to the news in early May but has succumbed to the weak market sentiment.įrom the daily chart, ALGO has fallen below the $0.36 support. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.īinance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as peer-to-peer trading, margin trading and spot trading.Īlongside the analyst’s views, CoinJournal reported that Algorand is the official blockchain sponsor of the 2022 World Cup. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.īinance is one of the largest cryptocurrency exchanges in the world. OKX takes customer security very seriously, they store almost all of their clients' funds in cold storage, and the exchange is yet to be hacked. OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. According to the analyst, that connection opens a lot of potential around Algorand. Coincidentally, MIT is collaborating with the US Fed for its projected digital dollar. He acknowledges that Algorand’s founder is a computer science and cryptography professor at the University. He pointed to Algorand’s connections with the Massachusetts Institute of Technology. Algorand ALGO/USD is one of those cryptocurrencies expected to return massively in the next bull cycle.Ī popular pseudonymous crypto analyst says Algoraand is well-positioned for a strong run. Like any other crypto enthusiast, you must time bull runs for big and quick money. Whether that indicates, an imminent reversal is a story for another day. Time for a bull run? Of course, we can’t tell yet, although most cryptocurrencies are displaying multiple bottoms. If we take, for instance, the highest value of Bitcoin of above $68,000, we find that the cryptocurrency has lost more than 70%. When is the next crypto bull cycle? After a disastrous 2022, industry experts say huge corrections are a normal process, and a bull run should finally set in.īlockworks co-founder Jason Yanowitz says in bear crypto markets, losses can range between 85%-90%. A popular crypto analyst has suggested Algorand will be strong when a bull cycle kicks in.Īlgorand has remained muted despite being the official sponsor of the 2022 FIFA World Cup.
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