ALGO has seen a 30% increase in traffic over the past week. This development may surprise some, since Algorand collaborated closely with FIFA to launch FIFA+ Collect. A platform that allows fans to buy digital collectibles via NFTs, this site lets them purchase these digital collectibles. There has been a dramatic impact on the environment as a result of this alliance.
A tweet from @intotheblack shows that the number of unique addresses that have completed their first transaction for ALGO has increased from 5,000 to 20,000.
There has been an increase in the cost of ALGO because to the increased number of transactions using unique addresses. At the time of writing, one coin’s price is between the 23.60 Fibonacci and 38.20 Fibonacci level retracement levels. This amounts to approximately $0.3949 and $0.3724.
This collaboration is having a profound impact on Algorand. Will the price increase be permanent or temporary?
FIFA+ Collect Gives ALGO A Boost
On the FIFA+ Collect Press Day, ALGO’s price increased by 31.18% within hours. The coin has risen 27.54% since September 22, when it began trading, to today, September 26, 2014.
ALGO currently trades at $0.3662. This is a 5.8 percent drop in value over the past 24 hours according to data from Coingecko.
Santiment information indicates that this cooperation is not limited to pricing.
Algorand’s NFT sector has witnessed a dramatic increase in activity. Between September 21-September 22, NFT trading volume increased from $186,000, to $606,000.
However, this is not the only positive thing for both the Algorand blockchain and the ALGO token.
ALGO TVL observed an increase of staked tokens. From September 22-24, the TVL increased from $234 million to $263.69 million. A significant revamp was also done to the Algorand eco-system.
The State Proof procedure was also implemented by the ecosystem. This version provides an additional layer of protection against quantum threats and enables the development of “decentralized bridges” to connect Algorand to other blockchains.
Bullish Momentum ALGO Subsiding
At the time of writing, the coin’s price has already reached above the double-bottom support level at $0.3687.
This may indicate that the bullish momentum has waned and the bears are currently taking the driver’s seat.
Considering this, ALGO can fall to a relatively secure position near the 50 Fib level. This level will serve as the token’s support. This level cannot be lower than the Fibonacci indicated value, since this would signal a low on September 22.
ALGO's total market cap is $2.25B on the daily charts | Source: TradingView.com Featured Image from Forkast Chart: TradingView.com