{"id":11300,"date":"2022-11-04T20:53:22","date_gmt":"2022-11-05T00:53:22","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=11300"},"modified":"2022-11-04T20:53:22","modified_gmt":"2022-11-05T00:53:22","slug":"algorand-algo-continues-to-shine-with-21-gains-in-7-days","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/04\/algorand-algo-continues-to-shine-with-21-gains-in-7-days\/","title":{"rendered":"Algorand (ALGO) Continues To Shine With 21% Gains In 7 Days"},"content":{"rendered":"

Algorand, the pure proof-of-stake protocol continues to keep gains from seven days prior. The blockchain\u2019s native token ALGO has retained<\/a> 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.<\/p>\n

Algorand\u2019s price increased<\/a> 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.<\/p>\n

World Cup Causes ALGO To Surge<\/h2>\n

The price of Algorand has a major driver that might send it soaring in November. Some time ago, Algorand signed a massive contract<\/a> with FIFA. The agreement made Algorand the official blockchain partner for the international soccer governing body. This led to the development of FIFA\u2019s NFT marketplace<\/a>, FIFA+Collect. The marketplace allows fans to buy, sell, and trade NFT collections commemorating iconic moments in the history of soccer.<\/p>\n

In addition, Algorand will be a major sponsor during this month\u2019s 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\u2019s adoption. Therefore, it is likely that the price of ALGO will increase before and during the World Cup.<\/p>\n

This event comes a month after Algorand revealed<\/a> 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\u2019s DeFi TVL<\/a>.<\/p>\n

ALGO\u2019s price is currently hovering around $0.4031. | Source: ALGOUSD price chart from TradingView.com<\/a><\/p>\n

Where Can ALGO Go From Here<\/h2>\n

On the four-hour time frame, there\u2019s 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\u2019s 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.<\/p>\n

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.<\/p>\n

Featured image from Pixabay and chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Algorand, the pure proof-of-stake protocol continues to keep gains from seven days prior. The blockchain\u2019s native token ALGO has retained<\/a> 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.<\/p>\n

Algorand\u2019s price increased<\/a> 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.<\/p>\n

World Cup Causes ALGO To Surge<\/h2>\n

The price of Algorand has a major driver that might send it soaring in November. Some time ago, Algorand signed a massive contract<\/a> with FIFA. The agreement made Algorand the official blockchain partner for the international soccer governing body. This led to the development of FIFA\u2019s NFT marketplace<\/a>, FIFA+Collect. The marketplace allows fans to buy, sell, and trade NFT collections commemorating iconic moments in the history of soccer.<\/p>\n

In addition, Algorand will be a major sponsor during this month\u2019s 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\u2019s adoption. Therefore, it is likely that the price of ALGO will increase before and during the World Cup.<\/p>\n

This event comes a month after Algorand revealed<\/a> 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\u2019s DeFi TVL<\/a>.<\/p>\n

ALGO\u2019s price is currently hovering around $0.4031. | Source: ALGOUSD price chart from TradingView.com<\/a><\/p>\n

Where Can ALGO Go From Here<\/h2>\n

On the four-hour time frame, there\u2019s 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\u2019s 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.<\/p>\n

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.<\/p>\n

Featured image from Pixabay and chart from TradingView.com<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-11300","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=11300"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11300\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=11300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=11300"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=11300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}