Algorand is one of my favorite coins, but it has taken to the woodshed with most other cryptos over the past 2 days. Algo was a tear hitting $1.80 when BTC corrected and now we are trading at $1.33 (YIKES)
The overall market correction pulled Algo out of the upper channel causing a retest of $1.25 which showed strong support. Other support levels fell quickly as the computers liquidated the markets.
Currently, algo is limping along and I'm worried the pain is not over.
The 1 day technicals are flashing a sell signal, but longer term we are at neutral or buy. I don't thin individual fundamentals matter at the moment; everything follows BTC.
My recommendation is to keep holding or buy the dips, but realize that these are crazy times so a bigger correction is never out of the question.
