The past months have seen little action for Cardano and Algorand despite announcing the anticipated upgrade and partnership news. Analysts are skeptical of how effective 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 trading at just $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 another popular crypto analyst, Benjamin Cowen, “Guy” predicts that ADA will eventually triumph. He says Cardano lacks 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.
While 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 cited NEWM, a decentralized music streaming platform.
Cardano (ADA) price trades at support as momentum remains weak
Technically, ADA is trading close to its lowest level of the year. The current level is a support zone that gives ADA a chance to recover. However, momentum is weak as the MACD indicator, which is deep in the bear zone, shows.
But 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, one of the key Tier-1 blockchains, is having trouble finding new buyers.
How attractive 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 popular crypto analyst suggested that Algorand will be strong once a bull cycle starts. A popular analyst says Algoraand is well positioned for a strong run. The analyst noted Algorand’s links to 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 link opens up a lot of potential around Algorand.
Details of FIFA and Algorand partnership, cryptocoin.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 settled 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 yet. 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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