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A popular crypto analyst suggests that Algorand will get stronger once the bull market starts.
Algorand has remained silent despite being the official sponsor of the 2022 FIFA World Cup.
Cryptocurrencies are bearish.
When is the Next Crypto Bull Cycle? After a disastrous 2022, industry experts say a major correction is a normal process and a bull market should finally begin.
Blockworks co-founder Jason Yanowitz says losses in the 85% to 90% range are possible in a cryptocurrency bear market. For example, when Bitcoin’s all-time high rises above $68,000, the cryptocurrency finds him losing more than 70%. Time for a bull run? Of course, most cryptocurrencies show multiple bottoms, but we don’t know yet. Whether it indicates or not, the imminent reversal is a story for another day.
Like any cryptocurrency enthusiast, you need to time the bull market to win big.Algorand Algo/USD It is one of the cryptocurrencies expected to make a massive comeback in the next bull market.
A well-known pseudonymous crypto analyst says Algoraand will do well. He noted Algorand’s connection to the Massachusetts Institute of Technology. He credits the founder of Algorand with being a professor of computer science and cryptography at the university. Coincidentally, MIT is working with the US Federal Reserve (Fed) to raise the projected digital dollar. That connection opens up a lot of potential for Algorand, analysts say.
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CoinJournal, along with analyst views report Algorand is the official blockchain sponsor of the 2022 World Cup. Cryptocurrencies reacted strongly to the news in early May, but succumbed to weak market sentiment.
Source TradingView
From the daily chart, ALGO has broken below the $0.36 support. Momentum is waning and the MACD indicator shows a bearish crossover.
Despite the attention, Agorand is still in a bear market and has yet to buy. A rally above $0.36 is needed to consider further gains. If not, ALGO could be back in his $0.30 zone.
