Can Algorand's [ALGO] development push trigger bullish excitement in long run
The announcement highlights Algorand’s commitment to encouraging more development within its ecosystem. Well, this is the best way to foster the creation of dApps and other projects within the ecosystem.Notably, a healthy development activity may boost
especially when backed by healthy market conditions. Algorand’s development activity metric has been on the rise for the last 7 days. At press time, it was at a weekly high.The development activity surge aligns with demand recovery from the derivatives market according to the Binance funding rate. The latter bounced back in the last two days after previously dropping to the second-lowest weekly level.
Meanwhile, ALGO is among the top coins that have achieved a significant upside in the last 7 days. ItsThe coin previously struggled to overcome resistance at the $0.23 price range for the last few days. However, it managed to push past this level in the last 24 hours, as the market reacted to the latest report from the U.S. Federal Reserve.
A positive reaction from investors rode on Tuesday’s bullish momentum for a 17% upside on Tuesday and Wednesday .ALGO’s potential breakout from the current narrow range is still not certain given the prevailing market conditions. The top coins including Bitcoin were experiencing sell pressure at press time, which might cut short Algorand’s potential upside.
. Its weighted sentiment has been growing weaker since mid-March. This means more investors have bearish expectations.A resurgence of sell pressure will thwart ALGO’s latest attempts to break out of its current range at least in the short term. The next few days might yield a different outcome.Subscribe to get it daily in your inbox.