ALGO was up by nearly 20% during today’s trading session, following the news of a partnership with football’s governing body, FIFA. NEAR, AVAX and AVAX both rose Tuesday. AVAX extended its recent bullish run.
Algorand, ALGO
ALGO was one of Tuesday’s big gainers, as it was announced that FIFA would be partnering up with Algorand for the upcoming 2022 world cup.
The partnership will also see Algorand serve as an official sponsor for next year’s Women’s World Cup in Australia and New Zealand.
As a result of the news, ALGO/USD rallied to a peak of $0.7357 earlier in today’s session, and this comes less than 24-hours after trading at a low of $0.5824.
ALGO is now up for the third consecutive session. However, earlier gains were lessened as prices approached key resistance points.
ALGO trades at $0.6652 as of this writing, because bulls have sold earlier positions to consolidate their gains.
Now traders are watching to see whether a breakout at $0.7500 will occur in the upcoming sessions. This could happen if we have a second wave bulls.
Avalanche (AVAX)
AVAX, like ALGO, was up for its third session in a row, with prices trying to recover from their multi-month lows.
Last week, AVAX/USD fell to the lowest point since January 21st. However bulls are back and trying to encourage a price rebound.
AVAX reached an intraday high of $62.28 today after having dropped to $57.16 at the beginning of the week.
This chart clearly shows that the Relative Strength Index for the past 14 days is hovering near its four-month low. Bulls may be inclined to sell the weakness.
This momentum will continue, and the next important target will be the ceiling at $67.30. Bulls tend to dominate this level.
Although prices are down from previous highs, bulls may be waiting until the perfect time to strike.
Will crypto markets begin to rebound in May, following April’s losses? We’d love to hear your comments.
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