The pure proof-of stake protocol Algorand continues to make gains seven days after it was launched. The blockchain’s native token ALGO Has retainedOver 21% profits joined top performers such Doge and BNB. The price of Algorand is showing a positive rebound over the last few weeks. It coincides with an overall resurgence of cryptocurrency value.
Algorand’s Price increasedThe price of $0.411 rose by 2.65% over the past day. It is in line with the upward trend of more than 21% that began last week. The price of Algorand was $0.411 at the time and has continued to rise all the ways up to its current value. Algorand remains far away from the $3.28 all-time high despite its remarkable gains.
World Cup Causes ALGO To Surge
Algorand’s price has an important driver, which could send it skyrocketing in November. Algorand had signed an agreement to purchase a Contracts of enormous sizeWith FIFA. Algorand was made the official Blockchain partner by FIFA. The result was the creation of FIFA’s NFT marketplace, FIFA+Collect. Fans can trade, buy and sell NFT collection commemorating historic moments in soccer’s history through the marketplace.
In addition, Algorand will be a major sponsor during this month’s World Cup. Algorand will be introduced to millions of people worldwide. Given that the World Cup is a massively popular event throughout the world, this is crucial for the blockchain’s adoption. It is therefore likely that ALGO’s price will rise before and during World Cup.
Algorand is a month later. revealedThis was a significant improvement and significantly improved its performance. Algorand’s 3.9 latest update may have made the block size possible to be up to 5 MiB. Additionally, round times are now less than four seconds. Algorand is now able to process more than 26,000 transactions per block at 6,000 TPS.Source: ALGOUSD price chart at TradingView.com Recent months have also seen a rise in Algorand’s DeFi TVL.
You Can Find ALGOs From This Place
On the four-hour time frame, there’s been a clear positive trend in the ALGO price over the past few days. The ALGO price was $0.30 on the 21st of October. It has since risen and reached a high of $0.396. It is possible to push prices higher. The currency’s price is now higher than the 25-day and 50-day simple moving averages. The key pivot point has been also crossed. In addition, it has fallen below its overbought threshold.
In Algorand, you may also see a reverse head and shoulders pattern. ALGO has been steady in price between $0.4- $0.27 according to daily data. ALGO has crossed the $0.357 threshold, marking a major resistance. Algorand is currently at $0.40. Keep an eye out for it. A negative outlook is impossible if prices are below $0.3330
Featured image by Pixabay, chart from TradingView.com