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My site was #1 and dropped drastically on Google today. What should I do?

Hey everyone. I need some advice.

I have a site that's an online tool for generating PIX QR Codes (a Brazilian payment method). For the last two months, it's been at the #1 spot on Google for its main keywords. Today, out of nowhere, it plummeted.

The drop was about 5 positions down on desktop and around 15 positions on mobile. Basically, I went from the top spot to the middle of the second page on mobile. The strangest part is that a competitor jumped up and is now in the first position.

I'm trying to figure out what could have happened. My main theory is that I was hit by a Google algorithm update, as the site is still indexed normally.

What should I investigate? Is there any other area in Search Console that might give me a clue?

I truly appreciate any advice you can offer.

submitted by /u/latdev
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