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With the dip behind it, here’s how Algorand’s short-term prospects look like
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After Bitcoin’s weekend flash crash, over $2.5 billion market liquidations shook the larger market. This brought the cumulative crypto-market cap down to $2.2 trillion. As expected, major altcoins seemed to bleed amid the wider sell-off.
However, altcoins like Terra (LUNA) and Algorand (ALGO) held comparatively well, taking the market by surprise.
Much like the larger market, Algorand too wasn’t completely unaffected by the Bitcoin dip. Especially since ALGO lost close to 25% of its value in just a day. Even so, Algorand’s quick rebound was impressive.
In fact, the #18 ranked coin by market cap held well above the crucial $1.6-level. This has acted as a long-term support level since September. Seemingly Algorand’s price stability stemmed
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