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Algorand Declines to $0.2432 Despite Partnership With FIFA

Published Nov 24, 2022 10:14AM ET Updated Nov 24, 2022 10:30AM ET
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© Reuters. Algorand Declines to $0.2432 Despite Partnership With FIFA
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  • Algorand price analysis indicates a bearish market sentiment.
  • ALGO prices are approaching the key support level of $0.240.
  • The altcoin has declined by 0.91% despite broader market bullishness.

The Algorand price has been declining over the past several days, as it has dropped from a high of $0.2488 on June 7 to around $0.2332 on June 14. This drop comes despite the fact that Algorand recently partnered with FIFA to serve as the technical partner for FIFA+ Collect, the blockchain-based platform for smart collectibles.

Algorand price action:Coinmarketcap

While it is unclear exactly what drove Algorand’s recent price decline, some analysts speculate that this may be due to a general trend toward lower market volatility across the cryptocurrency market. Others suggest that buyers may simply be waiting on the sidelines before making any major moves.

Algorand has been trading in a sideways trend during the opening hours of the day, and it is currently hovering near the key support level of $0.240. Algorand experienced some buying pressure during the opening of the daily trading session and reached an intraday high of $0.2488, but this was quickly followed by a strong decline.

Algorand price analysis on a daily chart suggests ALGO is trading in a sideways trend that could be broken to the downside or the upside in the near future. The technical indicators on the daily chart show the ALGO/USD pair is following a neutral trading pattern, as the MACD is showing a slight bearish divergence and the RSI has fallen below 50.

ALGO/USD daily chart:TradingView

Given this backdrop, Algorand’s price movements will likely be driven by broader market sentiment in the near future. ALGO market is trading against BTC in a slightly positive trend, while the ALGO/USD pairing is trending sideways on a 4-hour and daily chart. Key support levels are at $0.240, $0.230, and $0.22, while key resistance levels are found at $0.245 and $0.2488. Overall, Algorand’s price movements in the coming days will likely be driven by broader market sentiment, as well as key technical indicators like the MACD and RSI.

ALGO/USD 4-hour chart:TradingView

Overall, Algorand’s price analysis indicates that traders should remain cautious in the near term, watching for any signs of a breakout from the current sideways trading pattern. The short-term trend is bearish, but longer term, there is potential for an upside breakout in the weeks ahead.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Algorand Declines to $0.2432 Despite Partnership With FIFA appeared first on Coin Edition.

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Algorand Declines to $0.2432 Despite Partnership With FIFA

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