ALGO increases by more than 3%

The broader cryptocurrency market has underperformed in recent weeks. However, Algorand is recovering despite the declining market.

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

However, Algorand has performed excellently despite the bear market. At the time of writing, ALGO has risen by almost 4% in the last 24 hours and is currently one of the top 20 cryptocurrencies by market capitalization.

The rally is due to two big news related to Algorand in recent days. Former Citi executive 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.

The Miami-based venture capital firm Borderless Capital, based on Algorand, also launched its $500 million “Borderless ALGO Fund II” a week ago. The introduction of the two Algorand-related funds last week led to the ALGO-Coin performing excellently despite the poor performance of the broader market.

Important levels at a glance

The ALGO/USD 4-hour chart is currently one of the most bullish on the cryptocurrency market. ALGO is trading at $1.7 per coin, an increase of more than 3% in the last 24 hours. The RSI is above 50, which indicates that the coin is moving into the oversold area.

In addition, the MACD line is located just above the neutral zone, which indicates a bullish performance of the cryptocurrency. If ALG continues with its current momentum, it could rise above the $1.9 resistance mark in the next few hours.

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

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