Algorand (ALGO) Continues To Shine With 21% Gains In 7 Days
04 Novembre 2022 - 9:08PM
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Algorand, the pure proof-of-stake protocol continues to keep gains
from seven days prior. The blockchain’s native token ALGO has
retained over 21% of profits, joining top performers like Doge and
BNB. In the past several weeks, the price of Algorand has been
making a positive recovery. This coincides with a general
resurgence in the value of cryptocurrencies. Algorand’s price
increased by 2.65% in the last day, reaching $0.411. This is
consistent with its recent upward trend of over 21%, which began a
week ago. At that time, it was trading at $0.411 and has carried it
all the way up to its present price. Despite its impressive gains,
Algorand is still far from its all-time high of $3.28. Related
Reading: Bitcoin Breaks $21k As Market Shows Signs Of Accumulation
World Cup Causes ALGO To Surge The price of Algorand has a major
driver that might send it soaring in November. Some time ago,
Algorand signed a massive contract with FIFA. The agreement made
Algorand the official blockchain partner for the international
soccer governing body. This led to the development of FIFA’s NFT
marketplace, FIFA+Collect. The marketplace allows fans to buy,
sell, and trade NFT collections commemorating iconic moments in the
history of soccer. In addition, Algorand will be a major sponsor
during this month’s World Cup. This will result in the introduction
of Algorand to billions of individuals worldwide. Given that the
World Cup is a massively popular event throughout the world, this
is crucial for the blockchain’s adoption. Therefore, it is likely
that the price of ALGO will increase before and during the World
Cup. This event comes a month after Algorand revealed a huge
improvement that significantly increased its speed. With the latest
Algorand 3.9 update, the block size may now be as large as 5 MiB.
Also, typical round times have dropped to under 4 seconds. This
means Algorand can process 6,000 tps or more than 26,000
transactions per block. Recent months have also seen a rise in
Algorand’s DeFi TVL. Where Can ALGO Go From Here On the four-hour
time frame, there’s been a clear positive trend in the ALGO price
over the past few days. On October 21st, it had a low of $0.30.
However, it has risen from there and established a local high of
$0.396. This shows that it is possible to drive prices up further.
The currency’s price is now higher than the 25-day and 50-day
simple moving averages. It has also broken above the key pivot
point. In addition, the Relative Strength Index (RSI) has fallen
below the overbought threshold. Related Reading: Binance Coin
Breaks Out Of Its Resistance Of $335; Will $450 Be The Next Stop?
Also, a reverse head-and-shoulders pattern may be seen developing
in Algorand. The daily data for ALGO shows the price holding steady
between $0.4 and $0.27. ALGO has broken past the $0.357 level, a
strong resistance. $0.40 is the next major level of resistance for
Algorand, so keep an eye on it. If prices fall below $0.3330, the
positive outlook will be meaningless. Featured image from Pixabay
and chart from TradingView.com
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