Algorand is bearish despite World Cup sponsorship
The token has crashed due to a bear market
ALGO may face further weakness unless bulls recover above $0.28
Algorand (ALGO/USD) was a cryptocurrency expected to shine as the FIFA World Cup kicked off last month. As the official blockchain sponsor of this year’s sporting event, the native token was expected to perform. Already, FIFA created its own NFT platform in September on the Algorand platform. That made it possible for football fans to buy World Cup-themed NFTs powered by Algorand. But as the event enters the best 8, ALGO price remains bearish. Why is this so?
The price action of ALGO is not something new in the crypto world. Tokens of blockchains such as Cardano and Ethereum have failed to take off after major platform upgrades. Consequently, cryptocurrencies tend to make a move after the initial announcement, underlining speculation as the cause of price spikes. ALGO became bullish in May when the sponsorship news came up and has since succumbed to the bear market.
It is certain that Algorand’s partnership with FIFA builds use cases for the platform. For ALGO, investors may have to wait longer for the price of the native token to become bullish. That can’t happen in a bearish market that has swept across all markets. But when can ALGO become bullish?
ALGO analysis and price outlook as the bear market continues
From the technical outlook, ALGO is bearish. Although the cryptocurrency has found stability at $0.23, it remains extremely bearish. The RSI remains below the midpoint but above the oversold zone. There is room for the cryptocurrency to fall lower.
When will ALGO recover?
A sustainable bullish momentum is possible if the general crypto sentiment improves. Cryptocurrencies are reeling from the bear market, and ALGO is no exception.
In the meantime, ALGO bulls must recapture $0.28 to consider short-term price appreciation possible. That is the crucial level that supported the token before the FTX-inspired crash last month.
Where to buy ALGO
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance 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.
Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from.
Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.