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.
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.
ALGO’s price is currently hovering around $0.4031. | Source: ALGOUSD price chart from TradingView.com
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.
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