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Algorand pumps 9.45% to trade at $0.3715 during the early European session. It is speculated that the recent cooperation with FIFA and the hiring of a new chief marketing officer (CMO) have contributed to the recent increase in the price of ALGO, the native coin of the Algorand blockchain. The value of Algorand, a proof-of-stake (PoS) Layer 1 blockchain, has increased rapidly during the past week.
ALGO has gained over 9.40% in the last week after breaking above a long-term price resistance level. Nonetheless, ALGO lost about 7% of its value during the course of the previous day at the opening of trading. The ALGO/USD opened at $0.3887, reaching a high of $0.3915 and a low of $0.3575 in a single day.
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No Interference, Only Decentralization
Silvio Micali, the founder of Algorand, tweeted on September 21. ALGO’s founder stated that the State Proofs would allow ALGO to connect with bridges directly without intermediaries. State proofs, according to the creator, are especially useful.
In the attached Medium article, he also stated that the improved integration would help protect Algorand from quantum attacks. These attacks aim to undermine public-key cryptosystems. The proof would let the ALGO community use digital signatures that can be checked by the public.
In response to the news, several ALGO chain on-chain indicators began to shift. As development activity continued to decline, the NFTs metrics favored the opposite path.
Collaboration with FIFA
Algorand has formed collaborations. A recent example is FIFA’s collaboration with Algorand, which allows the cryptocurrency network to use FIFA+ Collect. On this marketplace, users can buy a variety of NFT items. FIFA introduced “FIFAplusCollect” earlier this month, a new platform that allows football fans to purchase unique digital memorabilia of the most memorable moments from FIFA World Cup matches. FIFAplus Collect’s most recent collaboration makes use of the Algorand blockchain to authenticate ownership.
This exciting news makes FIFA memorabilia available to any football fan, allowing them to own a piece of the FIFA World Cup. This is a simple way for fans to interact with their favorite athletes, moments, and more on cutting-edge platforms, similar to sports keepsakes and stickers. Algorand has seen increased interest from investors and soccer fans since the FIFA partnership. As a result, the value of ALGO/USD is rising as a result of this news.
On September 23, IntoTheBlock, an on-chain analytics company, tweeted about Algorand. According to the tweet, Algorand is gaining more users, which may lead to increased blockchain activity. It’s mostly good news. It claims that the number of new users has risen from 5,000 to 20,000 per day. The increase in users indicates an increase in coin demand, which benefits ALGO/USD.
TVL Reaching All-time High
Algorand’s blockchain has just achieved a new milestone. According to the DefiLlama aggregator, Algorand’s total value locked has reached an all-time high. The $244 million in TVL is proof that the DeFi blockchain is attracting a lot of attention. Algorand’s claim of speed was successful.
It was stated that the network could provide up to 6,000 TPS. Because of its speed, the Algorand blockchain can generate a block and reach finality in less than 3.7 seconds. The native currency of Algorand, ALGO, went up by more than 25% in the week before this achievement.
Hawkish FOMC Weighs on Algorand
Following the FOMC meeting on September 21, the US Federal Reserve decided on its strategy for containing rising inflation. Interest rates increased by 75 basis points as a result of its decision. As interest rates rise, the value of crypto assets in the cryptocurrency market falls. As a result, as the price falls further, the bears gradually gain control. But Algorand’s own currency has gone against the trend by doing better than the price drop.
Algorand Daily Technical Levels
Support Resistance
0.3774 0.4002
0.3664 0.4120
0.3546 0.4230
Pivot Point: 0.3892
Algorand Price Chart – Source: Tradingview
Algorand Pumps 9.45% – Technical Outlook
On the technical front, ALGO/USDT is trading at $0.3728, with immediate support near $0.3595. ALGO has already completed a 50% Fibonacci retracement at the $0.3595 level; a break below this level could lead to a 61.8% Fibonacci retracement at the $0.3468 level.
The 50-day exponential moving average is likely to provide support near $0.3595, and 4-hour candles closing above this are likely to drive a bullish reversal for ALGO. On the upside, ALGO’s immediate resistance is likely to be found around $0.3858, with a break above this level leading to a price of $0.4100. Consider looking for buy trades above $0.3595.
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