ALGO rallies by nearly 20% today

ALGO rallies by nearly 20% today

Algorand is the best performing coin among the top 30 cryptocurrencies by market cap today.

The cryptocurrency market continued to have a mixed performance this week. The market has lost less than 1% of its value in the past 24 hours, and the total market cap is now over $1.7 trillion.

At press time, Bitcoin is trading at $38,488 as it continues to struggle below the $40,000 resistance. Despite a 0.8% gain over the past 24 hours, Ethereum has also failed to break above the psychological $3,000 level in recent days.

ALGO, the native token of the Algorand ecosystem, is up nearly 20% in the past 24 hours, making it the best performer among the top 30 cryptocurrencies by market cap.


The ALGO rally comes after football governing body FIFA announced a partnership with Algorand. The agreement makes Algorand the official blockchain platform of FIFA and will provide an official blockchain-powered wallet solution.

Under the sponsorship agreement, Algorand will also serve as a regional supporter for the 2022 Qatar World Cup in North America and Europe. Algorand will also be an official sponsor of FIFA’s 2023 Women’s World Cup in Australia and New Zealand.

Key Levels to Watch

The 4-hours chart of ALGO/USD is currently bullish due to the ongoing rally in Algorand. The MACD line has moved into positive territory after a rebound that started a few hours ago.

The 14-day RSI at 65 suggests that ALGO could soon enter overbought territory if the rally continues.

At press time, ALGO is trading at $0.7092 per coin. If the positive momentum holds, ALGO could surge to the first major resistance at $0.7935 by the end of the day.

However, it needs support from the broader cryptocurrency market to break the $0.8513 resistance level in the near term.

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