© Reuters. ALGO Gears Bullish Reversal, Eyes DeFi Market Expansion
Analysts eyes Algorand (ALGO).
ALGO maintains the market top 30 position.
Algorand aims to expand its reach in the DeFi space.
Blockchain network Algorand (ALGO) continues to move aggressively despite the market’s wild swing. In fact, the crypto was able to maintain its trading price near $1 with a market capitalization of over $6 billion. This solid performance of the crypto catches the attention of analysts and traders around the world.
This made analyst and CryptoCapitalVenture.io founder, Dan Gambardello, react in a tweet post,
Algorand maybe seeing long term support at the confluence of two macro lower trend lines
Bullish reversal in play?$ALGO pic.twitter.com/xjXMCu1whl
— Dan Gambardello (@cryptorecruitr) February 15, 2022
The tweet that Gambardello made stated about the price analysis of ALGO in the coming months of the year. “Algorand may be seeing long term support at the confluence of two macro lower trend lines. Bullish reversal in play? He said.” This analysis gathered different opinions across the Twitter (NYSE:) community. Some talked about the crypto charting techniques, while others simply wanted to know the best time to buy the crypto.
In the past days, ALGO announced the appointment of Staci Warden as its newly appointed CEO. The appointment is in effect immediately. Prior to being the CEO of the Algorand network, Staci Warden worked in JPMorgan (NYSE:) and Nasdaq. She aims to level up and expand the reach of ALGO in the DeFi ecosystem.
On the other hand, ALGO trades an average of $0.92 per crypto with a 24-hour growth rate of +4.2%. Furthermore, it has had a trading volume of over $121 million in the past 24 hours. These achievements made by the crypto enables it to maintain its 27th market position. However, due to the strong volatility behavior, this price position of the crypto might change over time.
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