Algorand is bearish despite World Cup sponsorship

The token has crashed due to a bear market

ALGO may face further weakness unless bulls recover above $0.28

Algorand (ALGO/USD) was a cryptocurrency expected to shine as the FIFA World Cup kicked off last month. As the official blockchain sponsor of this year’s sporting event, the native token was expected to perform. Already, FIFA created its own NFT platform in September on the Algorand platform. That made it possible for football fans to buy World Cup-themed NFTs powered by Algorand. But as the event enters the best 8, ALGO price remains bearish. Why is this so?

The price action of ALGO is not something new in the crypto world. Tokens of blockchains such as Cardano and Ethereum have failed to take off after major platform upgrades. Consequently, cryptocurrencies tend to make a move after the initial announcement, underlining speculation as the cause of price spikes. ALGO became bullish in May when the sponsorship news came up and has since succumbed to the bear market.

It is certain that Algorand’s partnership with FIFA builds use cases for the platform. For ALGO, investors may have to wait longer for the price of the native token to become bullish. That can’t happen in a bearish market that has swept across all markets. But when can ALGO become bullish?

ALGO/USD Chart by TradingView

From the technical outlook, ALGO is bearish. Although the cryptocurrency has found stability at $0.23, it remains extremely bearish. The RSI remains below the midpoint but above the oversold zone. There is room for the cryptocurrency to fall lower.

A sustainable bullish momentum is possible if the general crypto sentiment improves. Cryptocurrencies are reeling from the bear market, and ALGO is no exception.

In the meantime, ALGO bulls must recapture $0.28 to consider short-term price appreciation possible. That is the crucial level that supported the token before the FTX-inspired crash last month.

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The post Algorand price fails to take off amid World Cup exploits. What next? appeared first on CoinJournal.

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