- Algorand price has risen sharply in the past few days.
- Its DeFi TVL has jumped to the highest level record.
- Algorand will likely react positively to the upcoming World Cup.
Algorand price made a strong comeback this week as cryptocurrencies rebounded and bond yields retreated. ALGO rose to a high of $0.3400, which was about 18% above the lowest level this month. The price is also the highest it has been since October 8 of this year.
Is the World Cup a catalyst?
Algorand is a leading blockchain project that seeks to become a viable alternative to other smart contract platforms like Solana and Ethereum. It describes itself as the world’s most powerful and sustainable blockchain with an institutional grade.
In September, Algorand introduced a new upgrade that introduced additional features. This upgrade helped to boost its speeds to over 6,000 transactions per second (tps). This was an increase from the 1,200 transactions that it handled before. The new speed is substantially higher than less than 10 that Ethereum handles.
Algorand price has risen in the past few days for two main reasons. First, its total value locked (TVL) has risen from $102 million in January this year to over $361 million. This price is close to its all-time high of over $362 million. The most popular DeFi apps in the ecosystem are Algofi, Folks Finance, Lofty, and Tinyman.
Read our comprehensive ALGO prediction.
Second, Algorand price has risen because of the upcoming World Cup, which starts on November 20th. World Cup is one of the most popular events in the world.
Algorand price will be watched during the World Cup because of its partnership with FIFA. In a press statement a few months ago, FIFA said that Algorand is its official blockchain partner.
As a result, Algorand will also become the FIFA World Cup Qatar 2022 Regional supporter in North America and Europe. It will also sponsor FIFA Women’s World Cup Australia. FIFA has also used Algorand to build its NFT products.
Algorand price forecast
The four-hour chart shows that the ALGO price has been in a strong bullish trend in the past few days. It has moved above the important resistance level at $0.3330, which was the highest level on October 18.
The coin has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to the overbought level.
Therefore, Algorand price will likely continue rising in the coming days as investors target the key resistance at $0.3600. A drop below the support level at $0.3330 will invalidate the bullish view.
