Cardano and Algorand: Next Fastest Horses Are These Coins?

The past months have seen little action for Cardano and Algorand despite announcing the expected news of upgrades and partnerships. Analysts are skeptical of how impactful these news can be. So, will they be those coins that can shoulder this dual market?

Where will the next Cardano bull run come from?

Despite the enthusiasm of the Vasil update, Cardano did not see any movement in its price. Until the update that went into effect on September 22, everyone was speculating that the ADA price would reach $1. Indeed, many analysts, such as crypto expert Michaël van de Poppe, expected ADA to reach $1 if the upgrade was successful. The third week after the event, ADA is only trading at $0.4249. This causes the belief in the future of ADA to be broken for now.

so what

A crypto analyst nicknamed “Guy” came to the rescue of Cardano. In a discussion with fellow crypto analyst Benjamin Cowen, “Guy” predicts that ADA will eventually triumph. He says Cardano is lacking in institutional investors. He states that when crypto returns, major investors will be looking at successful major updates and will be excited. In this context, he states that Cardano’s Vasil and Ethereum Merge are critical.

Although the above views are emotional, significant developments support them. Earlier this month, Cardano founder Charles Hoskinson said that hundreds of projects have chosen themselves. He added that this was due to the new abilities introduced by the Vasil upgrade. As a notable example, Hoskinson mentioned NEWM, a decentralized music streaming platform.

Cardano (ADA) price sees reinforcements as momentum remains weak

Technically, ADA is trading near yearly lows. The current level is a reinforcement zone that gives ADA a chance to flourish. However, momentum is weak as the MACD indicator, which is deep in the bear zone, shows.

However, despite the weakness of the bulls, the price enthusiasm around ADA is still very high. This potentially shows ADA is on a sustainable path that can inspire a strong comeback. Presumably, the ADA lacked any speculative volatility due to the bear market. Similarly, Algorand is struggling to find new buyers of precious Tier-1 Blockchains.

How tempting is Algorand to watch in the next bull cycle?

Despite being the official sponsor of the 2022 FIFA World Cup, Algorand remains silent. However, a well-known crypto analyst suggested that Algorand will be strong when a bull cycle starts. A well-known analyst says Algoraand is in a decent position for a strong run. The analyst noted Algorand’s relationships with the Massachusetts Institute of Technology. It should be noted that the founder of Algorand is a professor of computer science and cryptography at the University. Coincidentally, MIT is collaborating with the US Fed for its projected digital dollar. According to the analyst, this contact opens up a lot of potential around Algorand.

Details of FIFA and Algorand affiliate, Koindeks.comYou can take a look at this article.

ALGO price action and action

Besides the analyst’s views, let’s remember that Algorand is the official Blockchain sponsor of the 2022 World Cup. ALGO price reacted strongly to the news in early May but succumbed to weak market sentiment. From the daily chart, ALGO dropped below the $0.36 support. Momentum is weakening with a bearish divergence on the MACD indicator.

Despite receiving good attention, Algorand is still in a bearish market and is not buying now. A recovery above $0.36 is needed to consider further rises. Otherwise, its price could return to the $0.30 region, according to analyst Motiur Rahman.

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