фото показано с : invezz.com

Algorand (ALGO/USD) was one of the worst-hit tokens in the recent bearish trend, and despite several attempts to make a rebound, the altcoin has failed to register any significant gains. The token’s total losses for the month have surpassed 20%.

Algorand attempted to make a false breakout on November 19 and rallied past $2, but the market collapse that happened shortly afterwards led to a sell-off. However, ALGO’s sell-offs could also hint at a bullish rally to come.

Like the rest of the market, ALGO has spent the last five weeks on a downtrend. The weekly low of the token is at $1.32, which is a lower low. The dip came from increased selling pressure that now looks to be overdone.

Algorand’s Relative Strength Index (RSI) is in the range of between 50 and 40, which usually signals a bull market. Additional sell-offs could place ALGO at extremely oversold levels, which could mean a major trend reversal to highs of above $2 is likely.

With the exhaustion of the downtrend, ALGO will enter into a relief rally to attempt to recover the losses made in the past five weeks. However, the broader cryptocurrency market could hinder any major rebound attempt.

Downward pressure in ALGO’s prices is also a likely outcome because of the market bears. Nevertheless, bears will most likely be limited within the range of $1 and $1.10.

An ALGO uptrend is now even more likely with the latest major adoption for the Algorand blockchain. Securitize, a digital assets firm, has launched two tokenized funds with S&P Dow Jones Indices.

The two tokenized funds will track the price movement of S&P indices, and they have been developed on the Algorand blockchain. According to the co-founder and President of Securitize, Jamie Finn, Algorand was an ideal choice because the digital assets firm had initially issued a large Reg A+ capital raise on the blockchain.

Additionally, Finn pointed out to speed and cost-efficiency of Algorand, which make it a natural choice for supporting the tracking of two of the most innovative indices at S&P.

The post Algorand (ALGO) fails in an attempt to make a price rebound appeared first on Invezz.

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