- Algorand has formed an inverted head and shoulders pattern.
- It is on the cusp of a bullish breakout ahead of World Cup.
Algorand price has staged a strong recovery as the countdown to the upcoming World Cup event continues and as its DeFi ecosystem holds well. ALGO rose to a high of $0.2900, which was about 20% above the lowest level this month. This rebound gives it a market cap of more than $2 billion.
World Cup countdown starts
Algorand is a leading and award-winning blockchain network that aims to become the best layer-1 network in the world. It is widely used by developers who are building quality decentralized applications (dApps) in industries like DeFi and non-fungible tokens.
Algorand has been used to build several applications like Algofi, Folks Finance, Lofty, and Tinyman among others. According to DeFi Llama, Algorand has a total value locked (TVL) of more than $230 million, making it one of the biggest players in the industry.
Algorand has been in a journey of improvement recently. A few months ago, the Algorand Foundation launched Algorand 2.0, which is an improved version of the network. It introduced features like Algorand Standard Assets, Atomic Transfers, and Algorand Smart Contracts at Layer-1. The new version introduced the concept of pure proof of stake.
Find out how to buy Algorand.
Algorand price has recovered recently because of the upcoming World Cup event. A few months ago, Algorand and FIFA announced a major partnership. The relationship will see Algorand advertise its product in some games that will be watched by millions of people.
Most importantly. FIFA embraced Algorand as its blockchain provider. As part of this relationship, FIFA launched FIFA+ NFTs, which could become big during the World Cup event. Therefore, Algorand price is recovering as investors wait for the event.
The same is true for Chiliz, which has risen sharply in the past few days. Chiliz has rallied because of its association with sports and entertainment. CRO, which was launched by Crypto.com, has risen because the company is a major sponsor.
Algorand price prediction
The four-hour chart shows that the ALGO price has been in a slow bullish trend in the past few days. It was trading at $0.2851 on Friday evening, which was an important level since it was the lowest point on October 13. The coin has moved above the 25-day moving average while the Relative Strength Index (RSI) has moved above 50.
It has also formed an inverted head and shoulders pattern. Therefore, Algorand will likely continue rising as buyers target the key resistance level at $0.3290, which was the highest point on Friday.
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