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Because of this, Algorand is recovering despite the declining market



The broader cryptocurrency market has underperformed over the past few weeks. However, Algorand is recovering despite the declining market.

The cryptocurrency market has been on a bearish trend for the past few weeks. The prices of most cryptocurrencies have fallen by more than 5% in the past 24 hours. The recent bearish trend saw Bitcoin drop below the $ 50,000 mark for the first time since August.

However, Algorand has performed well despite the bear market. At the time of writing, ALGO is up nearly 4% in the past 24 hours and is currently in the top 20 cryptocurrencies by market capitalization.

The rally is due to two big Algorand-related news in the last few days. Former Citi manager Matt Zhang founded Hivemind Capital Partners last week and the cryptocurrency fund partnered with Algorand. Algorand will provide the technology and infrastructure of the network ecosystem.

Algorand-based, Miami-based venture capital firm Borderless Capital also launched its $ 500 million Borderless ALGO Fund II a week ago. The launch of the two Algorand-related funds last week meant that the ALGO-Coin performed excellently despite the poor performance of the broader market.

An overview of important levels

The ALGO / USD 4-hour chart is one of the most bullish on the cryptocurrency market right now. ALGO is trading at $ 1.7 per coin, up more than 3% in the past 24 hours. The RSI is above 50, which suggests the coin is moving into the oversold territory.

In addition, the MACD line is just above the neutral zone, indicating a bullish performance for the cryptocurrency. If ALG continues with its current momentum, it could rise above the USD 1.9 resistance level in the next few hours.

In the event of a lengthy rally, ALGO could cross the second major resistance level at USD 2.2 in the coming hours. However, the USD 2.5 psychological level should limit further upward movement in the short term.

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