Algorand worth has defied gravity prior to now few weeks as optimism of the upcoming World Cup rises. ALGO was buying and selling at $0.43, which was about 50% above the bottom degree in October of this 12 months. This worth is barely under this month’s excessive of $0.4537.
World Cup could possibly be a catalyst
World Cup is likely one of the largest sporting occasions on the earth. FIFA estimated that greater than 3.5 billion folks watched the final World Cup held in Russia. It now expects that over 5 billion folks will watch this 12 months’s occasion in Qatar.
The World Cup will begin on November twentieth and run till December 18. On this interval, the very best soccer groups will compete for the $42 million prize cash.
Algorand worth will possible obtain a lift through the World Cup occasion. That’s as a result of Algorand can be one of many high advertisers for the occasion. It’ll be part of different well-known firms like Coca-Cola, Hisense, Visa, Qatar Airways, and Crypto.com. Due to this fact, its commercials will possible result in extra curiosity within the coin.
Algorand will even profit because it has change into FIFA’s blockchain associate. Which means that FIFA will proceed leveraging its know-how in key areas. For instance, Algorand’s sensible contracts are powering FIFA+ Accumulate, the group’s NFT platform.
FIFA will possible promote the NFT assortment extensively through the World Cup occasion, which is able to possible result in extra demand for the coin.
Nevertheless, it’s value noting a scenario often known as shopping for the hearsay and promoting the information. This occurs when an asset rallies towards an necessary occasion after which retreats when it truly occurs. On this case, there’s a probability that Algorand worth will hold rising after which pull again after the occasion.
Algorand worth prediction
Is it protected to buy Algorand? The four-hour chart exhibits that the ALGO worth has been in a robust bullish development prior to now few days. Because it rose, the coin crossed the important thing resistance degree at $0.3720, the very best level on October 2. It additionally jumped above the important thing degree at $0.4100, the very best degree on September 3.
The coin stays above the 25-day and 50-day shifting averages. Due to this fact, I believe that the coin will possible proceed rising as bulls goal the important thing resistance at $0.5500, which is about 30% above the present degree. A drop under $0.37 will invalidate the bullish view.