Algorand Price Prediction: Up 10% to $0.35, Can ALGO Get Back Above $1.00?
ALGO, the native token for the Algorand blockchain, has marked significant gains over the past few days, despite the bearish crypto market trend. Are these gains merely a consolidation before a further downward push, or could ALGO be ready for a massive bull run?
Over the past week, cryptos have experienced significant bearish momentum. As pressure from the macroeconomic climate continues to increase, the prices of the majority of coins have decreased.
However, ALGO is performing well. The asset experienced a 19.99% increase in the past week, making it the second best crypto to buy among the 100 most valuable assets in the market - behind only CHZ, which is up by 33% in the same period.
ALGO is trading above its major moving average (MA) indicators and showing a positive moving average convergence divergence (MACD). Its relative strength index (RSI) of 58.18 indicates that it is approaching the overbought level - not surprising, considering its price gains.
Some intriguing fundamentals about ALGO may help explain its recent price increase.
The total volume locked (TVL) in its decentralized finance (DeFi) ecosystem seems to be rising. Data from DeFi Llama reveals that there is currently $244 million in TVL on the Algorand blockchain. This indicates a 4.09% jump in the past 24 hours, with the AlgoFi crypto banking platform contributing over $100 million of this liquidity.
Another important development is Algorand’s partnership with FIFA - the world’s soccer governing body. As a result of the partnership, the Algorand blockchain will host FIFA+ Collect - a digital collectibles platform that will allow users to purchase different items as non-fungible tokens (NFTs).
FIFA+ Collect is expected to work similarly to NBA Top Shot,
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