Algorand (ALGO) has recovered from the bearish trend seen at the end of February 2023. From February 21 till May 8, ALGO recorded a loss of 45.13%, dropping to a low of $1.592. Despite the crash, buyers still pushed up the price of ALGO by more than 6% in the past few days.
Traders are optimistic and are eyeing the next move in the current trend, while the bears are slowing building momentum by holding their strong short position.
Will The Bulls Maintain This Current Bullish Momentum?
The sustainability of ALGO’s current price trend relies on several factors. Market conditions, such as supply and demand dynamics, overall economic factors, and external events, can generally influence the price.
However, the current market sentiment is bullish, while the Fear & Greed Index is 45, indicating neutral. This means the market’s state is stable, and the volatility is not high.
Within the last 24 hours, Algo’s general market cap gained 1.57%, rising to over $1 billion. The 24-hour tr
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