A popular crypto analyst has suggested Algorand will be strong when a bull cycle kicks in.
Algorand has remained muted despite being the official sponsor of the 2022 FIFA World Cup.
The cryptocurrency is bearish.
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.
Blockworks co-founder Jason Yanowitz says in bear crypto markets, losses can range between 85%-90%. If we take, for instance, the highest value of Bitcoin of above $68,000, we find that the cryptocurrency has lost more than 70%. Time for a bull run? Of course, we can’t tell yet, although most cryptocurrencies are displaying multiple bottoms. Whether that indicates, an imminent reversal is a story for another day.
Like any other crypto enthusiast, you must time bull runs for big and quick money. Algorand ALGO/USD is one of those cryptocurrencies expected to return massively in the next bull cycle.
A popular pseudonymous crypto analyst says Algoraand is well-positioned for a strong run. He pointed to Algorand’s connections with the Massachusetts Institute of Technology. He acknowledges that Algorand’s founder is a computer science and cryptography professor at the University. Coincidentally, MIT is collaborating with the US Fed for its projected digital dollar. According to the analyst, that connection opens a lot of potential around Algorand.
ALGO price action and movement
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Alongside the analyst’s views, CoinJournal reported that Algorand is the official blockchain sponsor of the 2022 World Cup. The cryptocurrency reacted strongly to the news in early May but has succumbed to the weak market sentiment.
Source – TradingView
From the daily chart, ALGO has fallen below the $0.36 support. Momentum is weakening, with a bearish crossover on the MACD indicator.
Should you buy Algorand?
Despite receiving good attention, Agorand is still in a bearish market and not yet a buy. A recovery above $0.36 is needed to consider the further upside. Otherwise, ALGO could slide back to the $0.30 zone.