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Algorand Surges 15% in Last 24 Hours Despite Bearish Market

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Algorand Surges 15% In Last 24 Hours Despite Bearish Market
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  • Algorand has gained more than 20% in the previous week. 
  • The Algorand blockchain now has State Proofs.

Due to negative macroeconomic circumstances, the crypto market is plummeting. The price of bitcoin has dropped below $20,000, and is now trading at $18.7K. Almost the last seven days, Ethereum’s value has dropped by over 20%, with a 24-hour decline of 6%. In spite of the market’s pessimism, demand for Algorand’s native token ALGO remains strong.

ALGO/USDT: Source: TradingView

Despite a massive sell-off in the rest of the altcoin market, ALGO is now up by more than 15% in the previous 24 hours. Algorand has gained more than 20% in the previous week. 

In a historic move, the Federal Reserve raised interest rates by 75 basis points. To further tighten monetary policy, as promised by Fed Chair Jerome Powell, is warranted. 

More Transactions Than Mastercard

Algorand is a blockchain technology that relies on proof-of-stake. It is the team’s stated goal to simultaneously accomplish decentralization, security, and scalability. In addition, the protocol’s emphasis on environmental sustainability is highlighted.

One of Algorand’s greatest technological achievements occurred yesterday. The Algorand blockchain now has State Proofs. As a result of state proofs, the blockchain can digitally sign any message in a completely distributed way. Algorand co-founder Silvio Micali claims that their blockchain is secure even against quantum assaults thanks to state proofs. A decentralized link to another blockchain is also possible.

Importantly, the protocol claims that its blockchain can process 6000 transactions per second at this time. Mastercard, on the other hand, is widely used for financial services, however, it is said to be limited to just five thousand transactions per second. Additionally, finality and block generation on the blockchain may now be attained in 3.7 seconds.

According to CMC, the Algorand price today is $0.37243 USD with a 24-hour trading volume of $334,909,701 USD. Algorand is up 15.13% in the last 24 hours.

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Algorand (ALGO) Price Prediction 2022 — Will ALGO Hit $3 Soon?

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SAND Has Just Been Included On Binance US

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SAND is the native token of the Sandbox metaverse and is used to facilitate gameplay transactions such as purchasing digital land and interacting with user-generated content.

  • Sandbox started out as collaboration between Pixowl and developer Onimatrix
  • Binance listed SAND and is already available for trading on its platform
  • The token is responding positively with this development, trading at $0.86 as of press time

Along with the ASSET and NFT-type LAND tokens, SAND makes it all possible for Sandbox to give its users the best gaming experience.

Released as a mobile game in 2012, Sandbox started out as collaboration between Pixowl and developer Onimatrix.

Six years later, in 2018, Animoca acquired Pixowl and announced intentions to leverage blockchain technology to create a 3D world and take advantage of token economics and user-generated content.

In August of 2020, an Initial Coin Offering (ICO) was held by Sandbox and was able to raise $3 million that was then used in funding its future operations.

SAND Is Now Binance-Listed

Both Binance U.S. and Sandbox has already confirmed that SAND has been listed by the cryptocurrency exchange.

The token responded positively as it showed a considerable price movement. As of this writing, according to tracking from CoinGecko, SAND is trading at $0.8644.

Its current price is higher than its $0.83 closing price on October 4 when the announcement about the listing was made.

With this development, SAND was able to break free from its slump that put it on a downward trend for some time now.

In fact, various indicators such as Awesome Oscillator (AO) and Relative Strength Index (RSI) are signaling a bullish momentum for the Sandbox token.

Rally To The $1 Mark

After this momentous event for the gaming metaverse, crypto enthusiasts are already looking ahead at what will come next for the token.

Daily time frame trend lines indicate a support level of $0.807 as it struggled to surpass the $1.011 resistance marker for the entire duration of September. Because of that failure, SAND’s resistance lowered a bit to $0.90.


In the crypto space, the resistance level refers to the point at which an asset’s price has difficulties increasing.

With that being said, a potential rally towards the highly coveted $1 mark could still be jeopardy. However, if SAND is able to move out of its current trading price range, there is a strong possibility that it will hit is target.

One possible thing that can help the asset to realize this goal is the expected growth in buying activity now that it is already Binance-listed and more potential buyers have access to it.


SAND total market cap at $1.29 billion | Featured image from Cryptopolitan, Chart:

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Here’s Why This Expert Thinks The Next Crypto Bearish Trend May Be Near

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Here'S Why This Expert Thinks The Next Crypto Bearish Trend May Be Near
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The past few months have brought a rollercoaster experience for the prices of cryptocurrencies. The crypto market has been hovering due to the impact of macro factors. But the past 24 hours created a new move of strength in the market.

Almost all the assets made positive moves to push the market into the green. The price of Bitcoin has gradually climbed to its critical level of $20K as the token amassed over a 2.5% uptrend. In the early trading hours of today, the BTC price reached $20,342.

Bitcoin price trends above the $20,000 mark l BTCUSDT on

The bullish trend cuts across the altcoins and other crypto assets. Ethereum has crossed the $1,350 level as it rose by over 1.8% over the past day.

Dogecoin (DOGE) made a tremendous reclaiming with a surge of over 8% over the past 24 hours. This mark an outstanding bullish strength in the digital asset market for today.

Also, Ripple (XRP) redirected its pattern through an increase of about 5% in the last 24 hours.

Experts Think Digital Assets Market Can’t Sustain A Price Rally

Experts predict another bottom for the crypto market despite its recent impressive price movements. They think the crypto assets lack sustainability for the price rally and will soon experience a bearish trend.

The CEO of Eight Global and crypto analyst, Michael van de Poppe, commented on a possible turn of the crypto market. He thinks that the value of the US dollar will soon rally. According to him, such a new development will impact the crypto market through a slight correction.

Additionally, the data for US unemployment is set to be announced on Friday. In his thinking, Michael Poppe stated that the data could be wrong and negatively affect the crypto market.

In recent years, macroeconomic conditions have negatively affected the crypto market. As a result, such conditions now dictate the price trend in the market. This follows the strong correlation between crypto and traditional general markets.

Crypto Market Still In Struggle

Despite its recent bullish trend, there are still signs of struggles in the crypto market. The US Federal Reserve took a hawkish stance in its controlling measures against inflation. With its approach of increasing interest rates and tightening other financial operations, many people are in fear.

Following hikes in rates by global economies, the United Nations has requested that they avert the use of an aggressive approach. Instead, the UN highlighted a possible global recession with the stance of most central banks. But the American central bank will not tune down its force.

Oil prices are adding to the tension in the raging macroeconomic environment. As a result, the Organization of Petroleum Exporting Countries (OPEC) has planned to reduce supplies to hike oil prices, the worst reduction since 2020. The OPEC is expected to hold its meeting on Wednesday for its final decision.

Featured image from Pixabay and chart from

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Bitcoin Price Breaking This Confluence Resistance Could Spark Strong Surge

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Bitcoin price is showing positive signs above $20,000 against the US Dollar. BTC could start a strong surge if it clears the $20,500 resistance.

  • Bitcoin is gaining pace above the $19,800 and $20,000 resistance levels.
  • The price is trading above $20,100 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $20,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if there is a clear move above the $20,500 resistance.

Bitcoin Price Remains Supported

Bitcoin price attempted an upside break above the $20,500 resistance zone. However, BTC struggled near the $20,450 zone and started a downside correction.

There was a move below the $20,000 support zone, but the price remained supported well above the 100 hourly simple moving average. It traded as low as $19,754 and recently started a fresh increase. There was a clear move above the $20,000 and $20,200 resistance levels.

Bitcoin price climbed above the 50% Fib retracement level of the recent decline from the $20,475 swing high to $19,754 low. It is now trading above $20,100 and the 100 hourly simple moving average. Besides, there is also a key bullish trend line forming with support near $20,150 on the hourly chart of the BTC/USD pair.

It also cleared the 76.4% Fib retracement level of the recent decline from the $20,475 swing high to $19,754 low. On the upside, an immediate resistance is near the $20,450 level. The next major resistance sits near the $20,500 zone.

Source: BTCUSD on

A proper close above the $20,500 resistance might start another increase. In the stated case, the price could even surpass the $21,000 resistance zone. In the stated case, the bulls might aim a move towards the $22,000 level.

Dips Supported in BTC?

If bitcoin fails to rise above the $20,450 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,200 zone.

The next major support is near the $20,100 zone and the trend line. A downside break below the trend line might send the price towards $19,750. The main support is near $19,500, below which the price might start a steady decline.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $20,200, followed by $20,000.

Major Resistance Levels – $20,500, $21,200 and $22,000.

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XRP Continues Positive Moves, Added Over 11% In A Week

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Ripple (XRP) has been steadily climbing, adding over 12.50% in the past seven days. This is despite its ongoing case with the SEC coupled with the overall bearish market sentiments. 

The bulls have managed to keep the XRP token flying high above $0.48 and are edging to break through its $0.50 resistance. XRP experienced a rocky start last week Wednesday, falling below its $0.44 floor price. However, the coin quickly gained momentum the next day, adding over 13% gains before the end of the trading day.

Related Reading: Low Volatility Crypto Market Supplies Surprisingly Stable State Of Fear

Ripple Closed Its Best Month In 2022

September was a good month for Ripple as it closed out the best month since the beginning of the year. In the previous week, XRP’s price on the weekly chart approached a significant resistance level at $0.56. However, it was unsuccessful in breaking through that level. 

This resistance is a combination of the yellow rising line and the horizontal barrier seen in red. By the way, a weekly red candle following several consecutive green candles is not uncommon by any means. 

XRP retested the $0.56 level again on the 29th but couldn’t sustain it. It finally closed the month with a $0.49 high. Upward momentum is anticipated once the price of the asset breaks and sustains a closing above $0.56.  We might see this soon enough unless it drops below the $0.4 support level. 

XRP’s price is currently trading at $0.4929. | Source: XRPUSD price chart from

XRP Holds Its End Against BTC

XRP’s over 12% weekly gain isn’t the only thing that caught our attention. The asset also held its end against Bitcoin (BTC). Although the XRP/USD exchange rate is down 0.5%, it is up 1.5% to 3% against BTC. In comparison to Bitcoin, the XRP price has increased by more than 50% over the previous three weeks. This puts XRP at levels not seen since the summer of 2021.

XRP price movement might have several causes. Of course, the primary driver is the SEC’s legal battle with Ripple, which seeks to recognize XRP as a security. Recent events seem to favor XRP and Ripple, but the final verdict is not yet out.

The second, less obvious explanation may be today’s announcement about SWIFT and CBDC tests. SWIFT successfully tested several technologies with CBDC. Financial institutions from France and Germany, including their central banks and commercial counterparts, participated in the experiments. They explored using CBDC worldwide and converting it to fiat if needed.

What Next For Ripple

Ripple is currently trading at $0.4928 and is set to retest the $0.50 resistance floor. As long as buyers outnumber sellers, this uptrend is likely to continue. However, if the price reaches a critical level of $0.44, bears may come in as they did on September 23.

Related Reading: XRP Price Could Get A 23% Boost From This Bullish Formation Breakout

The 12% weekly gain demonstrates that buyers are dedicated to taking XRP over $0.50 and $0.55. Achieving this goal will pave the way for the token to go to $0.70 soon.

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Bitcoin (BTC) Will Test 14K Mark Instead Of Skyrocketing, Analyst

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Despite Bitcoin recording substantial gains in the last few days, an analyst believes it’ll nosedive to $14k. Earlier this week, BTC experienced rocky times before giving the bulls something to cheer about. Despite the coin trading above its $20k resistance, popular trader Il Capo of Crypto believes it won’t hold this position for long.

The general sentiments surrounding bitcoin are positive, and investors are optimistic that the price will continue to rise. However, there is a lot of uncertainty regarding how far the price can go up. 

Related Reading: Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD Analysis October 5, 2022

Analyst Sees BTC Nosediving To 14k Soon.

Il Capo of Crypto, a popular crypto swing trader with over 500k followers, shared some bearish sentiments about the coin. In his tweet on October 5th, he mentioned that Bitcoin would reach a local top between $20,400 – $20,100. After that, it’ll show bearish signs and tip over to new lows. 

20500-21000 hasn’t been touched and there’s no ltf distribution. Expecting the last leg up soon. Then ltf bearish signs, and reversal to new lows (14k-16k). – Il Capo of Crypto.

As of writing, Bitcoin still hasn’t crossed the $21.4k mark and is currently trading at $20,035. It has also recorded a 1.48% decrease in value since yesterday. The market cap of the cryptocurrency stands at $383 billion.

Other Experts Think Otherwise

On October 4th – 5th, Bitcoin (BTC) demonstrated strength by surpassing the $20,000 barrier after gaining 5% on the day. Some investors speculate the market to rise to $28,000 after the move liquidated $75 million in leverage short (bear) holdings. According to Mustache, the declining channel continues to apply its pressure. However, there may be sufficient strength to challenge the upper channel trendline at $21,500.

The price movement on October 4 coincided with better circumstances for global equities markets. The S&P 500 index rose 3.1%, and the tech-heavy Nasdaq Composite climbed 3.3% over the same time period.

Surprisingly, morale rose amid job opportunities in the United States falling by 1.1 million in August. The drop was the biggest since April 2020. This indicates that the aggressive tightening of money by the U.S. Federal Reserve could end sooner than expected. Bitcoin may have broken the $20,000 barrier due to widespread optimism. However, this does not mean institutional investors are satisfied with the current price.

Bitcoin’s price is currently trading above $20,000. | BTCUSD price chart from

What Next For Bitcoin

It seems like Bitcoin is going through a phase where it is consolidating. There is a possibility that the price will fall back to $19,000 as the bears attempt to take control. If this happens, we might see a retest of the $14,000 level, as Il Capo of Crypto suggested. Conversely, if the bulls manage to push the price higher, we might witness another run towards the $25,000 level.

Related Reading: GMX Token, Arbitrum Favorite Get Listed On Binance, What Next?

Recent news like the dollar DXY index drop and the Credit Suisse situation might help keep the market bullish. We can only see where the pioneer crypto moves in the coming days.

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Bitcoin Blows The Highest Daily Candle Since Last 24 Days

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Bitcoin Blows The Highest Daily Candle Since Last 24 Days
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After wading through a declining path for weeks, the crypto market and Bitcoin have suddenly entered another phase. The past few days have proved to be favorable for prices in the market. Almost all crypto assets are making impressive northward movements.

For the primary cryptocurrency, its moves to reclaim value are commendable. Bitcoin has reached the $20,000 region as it made more gains. In addition, the token finally closed a daily candle across the critical level.

Also, the altcoins are making significant progress with positive movements during the trading hours of the last few days.

Bitcoin Closes Daily Candle Above $20K

The $20K is one of the critical levels for Bitcoin. Over the past few weeks, BTC went down below this mark due to the solid bearish pull in the crypto market. But the leading crypto asset is gradually bringing back its value this week.

Bitcoin has finally closed a daily candle higher than $20,000 for the first time since September 17. This new feat strengthens the token positively, hovering between $18,000 and $24,000 for some months. Furthermore, this new position is the highest daily close for BTC in almost 24 days.

This recent price movement has stirred lots of participants in the crypto space. Many are watching to see the sustainability of BTC on this level.

At the time of writing, BTC is trading at around $20,247, indicating an increase of 0.44% over the past 24 hours. Its market cap has grown to $385.8 billion. Also, BTC’s dominance over the altcoins sits at about 40.19%, with a rise of 0.23% within the past day.

Bitcoin Surpasses The $20,000 mark l BTCUSDT on

Most Altcoins Gained With GMX As Top Performer

The broader crypto market is feeling the bullish trend too. The altcoin has shown positive value reclaim within the past few days.

Most of the altcoins are in the green though some have not shown a massive increase in value over the past day. For the top 10 crypto assets by market cap, Dogecoin (DOGE) and Ripple (XRP) take the lead. They recorded about 6.2% and 3.6% gains in the values.

GMX, the native token of the GMX cryptocurrency, proved to be the top performer among the altcoins over the past 24 hours. The token amassed over 30% gain in its value. It is trading at around $55.27 at the time of press.

The performance of GMX could be in connection with the recent announcement from Binance to list the token in its innovative zone. However, EVMOS emerged as the top loser. The crypto lost more than 4% over the past day.

The impressive outplay of all the cryptocurrencies pushed the cumulative market capitalization to $960.13 billion. This figure shows an increase of about 0.34% over the past 24 hours.

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