Algorand: What you need to know to start winning in the short term

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For the past few days, the cryptocurrency market has been in a different state where recovery is the priority. Most cryptocurrencies have left their own bearish comfort zones and go looking for more question. [ALGO] seems to be an exception in this case.

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Algorand: price analysis

Altcoin failed to recoup losses, investors in other cryptocurrencies saw gains, but ALGO investors were stumped despite the greater breadth Market cap increased to $ 1.05 trillion $ 841 billion at the time of writing.

ALGO lost over 60.5% between May and June and the altcoin has not recovered from the loss since. Well, starting at $ 0.27, Algorand has only risen 24.25% so far, but other altcoins like Lido DAO have risen more than 320%.

The altcoin, which was trading at $ 0.36 on July 20, has seen a significant depreciation from its all-time high and unfortunately the situation does not appear to recover.

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This is because, despite the observation positive signs from price indicatorsALGO is prone to saturation, which will eventually reverse its momentum.

For the past few days, the RSI has echoed bearish narratives as it dipped below the midline. Although it has shown a somewhat neutral stance, a steady move below the 50 level would help sellers delay the recovery of the charts.

However, the OBV held its slightly higher lows, confirming a bullish divergence with price action, but the ADX showed a clearly weak directional trend for the alt.

Looking at the descending wedge setting approaching $ 0.33 support, ALGO could see a rebound, in which case the potential targets would remain the same as discussed. bearish crossover on EMAs this can delay purchasing efforts.

Additionally, investors should keep an eye on bitcoin’s movements, as ALGO shares an 81% 30-day correlation with the king’s coin.

Final comments

Given the upside potential from the broader market, the altcoin is likely to hit the markoverbought zone, This will trigger a turnaround for Algorand unless the cryptocurrency market enters a bull market, which is far from true at the moment.

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Not to mention, the occasional break to the upside could also act as a false trigger for investors. Most of these investors are desperate for a recovery, with 94.2% not making any gains for around seven months. Therefore, unless an external factor triggers a Gathering for ALGOInvestors may have passed the turning point.

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