Algorand Pumps 9.45%: Partnership with FIFA Underpins ALGO.

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Algorand rose 9.45% to trade at $0.3715 in early European session. The recent collaboration with FIFA and the hiring of a new chief marketing officer (CMO) are believed to have contributed to the price increase for Algorand’s blockchain-native coin, ALGO. Algorand, a proof-of-stake (PoS) Layer 1 blockchain, gained momentum last week.

ALGO has gained over 9.40% in the past week after breaking above long-term price resistance levels. However, ALGO lost 7% of its value in the course of the previous day at the opening of trade. ALGO/USD opened at $0.3887, reaching an intraday high of $0.3915 and a low of $0.3575.

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No intervention, only decentralization

Algorand founder Silvio Micali tweeted on September 21. ALGO’s founder states that government certifications allow ALGO to connect directly with bridges without intermediaries. State certifications, according to the creator, are especially important.

In the attached Medium text, he also stated that the improved integration will help Algorand defend against quantum attacks. These attacks aim to weaken public key cryptocurrencies. The proof allows the ALGO community to use publicly verifiable digital signatures.

In response to the news, many ALGO chain indicators began to change. As development activity continued to decline, NFTs metrics supported the opposite direction.

Cooperation with FIFA

Algorand has created a collaboration. A recent example is FIFA’s partnership with Algorand, which allows the crypto network to use the FIFA+ suite. In this marketplace, users can purchase various NFT items. Earlier this month, FIFA introduced “FIFAplusCollect”, a new platform that allows football fans to buy exclusive digital memorabilia of the most memorable moments from FIFA World Cup matches. FIFAplus Collect’s latest collaboration uses the Algorithm block to verify ownership.

This exciting news makes FIFA memorabilia available to any soccer fan, allowing them to own a piece of the FIFA World Cup. It’s an easy way for fans to connect with their favorite athletes, moments, and more on great platforms like Sports Retention and Stickers. Since the FIFA partnership, Algorand has seen increased interest from investors and soccer fans. As a result, the price of ALGO/USD is increasing due to this news.

On September 23, IntoTheBlock, an on-chain analytics company, tweeted about Algorand. According to his Twitter account, Algorand is gaining more users, which may lead to more blockchain activity. It’s mostly good news. The number of new users increased from 5,000 to 20,000 per day. An increase in users indicates an increase in demand for the coin, which leverages ALGO/USD.

Access to TVL all the time High

The blockade of Algorand has reached a new phase. According to the collector Defillama, Algorand’s total value has reached its highest level. The $244 million in TVL is proof that the DeFi blockchain is attracting a lot of attention. Algorand’s speed request was successful.

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The network is said to be able to provide up to 6,000 TPS. Due to its speed, the Algorand blockchain can generate a block and reach the final stage in less than 3.7 seconds. Algorand’s native currency, ALGO, was up more than 25% in the week leading up to this achievement.

The hawkish FOMC weighs on Algorithm

After the FOMC meeting on September 21, the US Federal Reserve decided on its strategy to control rising inflation. Interest rates were hiked by 75 basis points as a result of the decision. As interest rates rise, the value of crypto assets in the cryptocurrency market plummets. As a result, as the price falls further, the bears gradually take control. But Algorand’s own currency has bucked the trend by doing better than falling in value.

Algorand daily technical standards

Support resistance

0.3774 0.4002

0.3664 0.4120

0.3546 0.4230

Pivot point: 0.3892

Algorithm Price Chart - Source: TradingView

Algorithm Price Chart – Source: TradingView

Algorand pumps 9.45% – technical view

On the technical front, ALGO/USDT is trading at $0.3728, with immediate support near $0.3595. ALGO has already completed the 50% Fibonacci retracement at the $0.3595 level. A break below this level could lead to the 61.8% Fibonacci retracement at the $0.3468 level.

The 50-day EMA is providing support around $0.3595, and 4-hour candles closing above this could mean a big change for ALGO. On the downside, ALGO’s immediate resistance can be found around $0.3858, with a break above this level leading to $0.4100. Consider looking for buy trades above $0.3595.


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