- A bearish rally can be observed over the daily graph for a long time. The bulls need to focus.
- Bitstamp launches the earn product for ALGO and ETH.
- The ALGO/BTC pair is at 0.0000126 BTC with a loss of 2.42%
Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. These systems are secure, scalable, and efficient, all critical properties for effective applications in the real world.
We can observe the ALGO price is facing a downtrend movement for a long time over the daily graph. This clearly shows that the bears are dominant here and not giving a chance to the bulls to take over the market. This means that the bulls need more support to overcome this bearish barrier. The bearish run should be converted soon as the investors are facing huge losses daily. While some analysts believe that after falling below the $0.500 support it will be very difficult for the coin to recover.
The current price for one ALGO coin is trading at $0.372 with a loss of 5.34% in its market capitalization in the last 24 hrs. The coin has a volume of 92 million which is at a loss of 5.23% in the 24 hrs trading session and a market cap of 2.5 billion with a loss of 5.34% in it. The volume market cap ratio is 0.03604.
Crypto Exchange Bitstamp Launches Earn Product for ALGO and ETH in the US.
Bitstamp has launched its Earn product to U.S. customers. Allowing customers to earn interest on staking ALGO and ETH.
As the company continues its push into the U.S market, Luxembourg-based Bitstamp is set to introduce its Bitstamp Earn product to American investors.
The product, which is already available to Bitstamp’s non-U.S. customers, is meant to be a turn-key ALGO and ETH staking solution. Investors fund their Bitstamp accounts and then collect staking rewards. For its part, Bitstamp takes a fee on the yield customers earn.
Very importantly, the U.S. CEO Bobby Zagotta told Decrypt, that the yields are not generated through lending like other high-interest crypto accounts.
Conclusion
The ALGO price is facing a downtrend movement for a long time over the daily graph. The bulls need more support to overcome this bearish barrier. Bitstamp has launched its Earn product to U.S. customers. Allowing customers to earn interest on staking ALGO, maybe this could help the coin to make a recovery.
Technical levels
Resistance levels: $0.45 and $0.60
Support levels: $0.30 and $0.40
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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