The broader cryptocurrency market has underperformed in recent weeks. However, Algorand is recovering despite the bear market.
The cryptocurrency market has been trending down in recent weeks. The prices of most cryptocurrencies have fallen by more than 5% in the last 24 hours. The latest downtrend saw Bitcoin drop below the $50k level for the first time since August.
However, Algorand performs excellently despite the bear market. To date, ALGO has risen nearly 4% in the past 24 hours and is currently one of the top 20 cryptocurrencies by market value.
The rally can be attributed to two big news related to Algorand in recent days. Former Citi executive Matt Zhang launched Hivemind Capital Partners last week, and the cryptocurrency fund has partnered with Algorand. Algorand will provide the technology and infrastructure of the network ecosystem.
Borderless Capital, an Algorand venture capital firm based in Miami, also launched its $500 million "Borderless ALGO Fund II" a week ago. The launch of the two Algorand-related funds last week saw the ALGO currency outperform despite the poor performance of the market overall.
Main key indicators
The 4-hour ALGO/USD chart is one of the most optimistic in the cryptocurrency market at the moment. SOMETHING is trading at $1.7 per currency, an increase of over 3% in the last 24 hours. The RSI is above 50, indicating that the currency is heading into oversold territory.
In addition, the MACD line is just above the neutral zone, indicating bullish performance for the cryptocurrency. If ALG continues with its current momentum it could then rally past the $1.9 resistance level in the next few hours.
In the case of a prolonged rally, SOMETHING could overcome the second highest resistance level at $2.2 in the next few hours. However, the psychological level of $2.5 should limit short-term bullish movement.
The post This is why Algorand is on the mend, despite a bear market appeared first on Bitcoin Guide .